AUDJPY gained sharply in the past two weeks as the yen lost its momentum. It hits an intraday high of 101.12 and is currently trading around 101.10. Intraday trend remains bullish as long as support 100 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 101.10
EMA (4-hour chart)
55-EMA- 99.99
200-EMA- 98.79
365-EMA- 97.95.
The pair trades above the short and long-term moving averages.
Major Support- 100.60. Any breach below 100.60 will drag the pair down to 100/99.40/98.80/98.25/97.48/97/96/95/94.39.
Major resistance - 101.20. Any break above 101.20 confirms minor bullishness; a jump to 101.90/102.40/103 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to good to buy on dips around 100.60-65 with SL around 100 for TP of 102..40.
