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AUDJPY: Bearish Pressure Persists—Sell on Rallies Near 95.35 for Downside Targets

The AUD/JPY trades in a narrow range with a negative bias.  It hit an  intraday low of  94.40 and is currently trading around 94.603. Intraday trend is bearish as long as the resistance at 95.35 holds.

‘The pair is trading below  55 and 200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a bearish trend.  Any violation below 94.40 indicates the intraday trend is weak. A dip to 93.95/93 is possible.  Immediate resistance is at 95.35. A breach above this level targets 95.80/96.20/96.50/96.85/97.20/97.64/98.

Market Indicators ( 4-hour chart)

CCI (50)- Bearish

Directional movement index - Bearish

Trading Strategy:  Sell

 
 It is good to sell on rallies around 95.32-35 with SL around 96  for a TP of 93.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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