AUDJPY: Bearish Signals with Limited Upside Below 99.50

AUDJPY pared some of its gains on the strong yen. It hits an intraday low of 98.01 and is presently trading at around 98.07. The intraday trend is weak as long as the resistance at 99.50 holds.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 98.09

EMA (4-hour chart)

55-EMA- 99.07

200-EMA- 97.94

365-EMA- 97.16. The pair trades below short and long-term moving averages.

Major Support- 97.85 (Previous week low). Any breach below 97.85 will drag the pair down to 97/96.51/96/95.

Major resistance - 98.60. Any break above 98.60 confirms minor bullishness; a jump to 99/99.50/100 is possible.

Indicator (4-hour chart)

CCI (50)-  Bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to sell on rallies around 98 with SL around 97.80 for TP of 100