AUDJPY formed a double bottom around 100.35 and jumped above 101. Markets eye the Australian CPI data for further direction. Intraday trend is bullish as long as support 100 holds. It hit a low of 100.34 yesterday and is currently trading around 101.04.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 101.04
EMA (4-hour chart)
55-EMA- 101.06
200-EMA- 100.06
365-EMA- 99.15. The pair trades above the short and above long-term moving average.
Major Support- 100.78. Any breach below 100.78 will drag the pair down to 100.35/100/99.70/99/98.25/97.48/97/96/95/94.39.
Major resistance - 101.20. Any break above 101.20 confirms minor bullishness, a jump to 101.70/102.50/103//104/105 is possible.
Indicator (4-hour chart)
CCI (50)- Neutral
Average directional movement Index- Neutral. All indicators confirm a neutral trend. trend.
It is good to buy on dips around 100.78-80 with SL around 100.35 for TP of 102.40.
