AUDJPY Bulls in Control: Buy the Dips Above 103.80 for a Run Towards 106

AUDJPY gained above 104.50 as the Australian dollar gained momentum.Intraday trend is positive as long as support 103.80 lasts. Trading at 104.62 presently, it hit an intraday high of 104.63.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 104.568

EMA (1-hour chart)

55-EMA- 103.65

200-EMA- 102.32

365-EMA- 101.11. The pair trades above short and above long term moving average.

Major Support- 104.35. Any breach below 104.35 will drag the pair down to 103.80/103.50/103/102.79/102.25/102/101.40/100.98/100.35/100/99.70.

Major resistance - 105. Any break above 105 confirms minor bullishness, a jump to 105.70/106/107 is possible.

Indicator (4-hour chart)

CCI (50)-  Bullish

Average directional movement Index-  Neutral. All indicators confirm a mixed trend. trend.

It is good to buy on dips around 104.20-25 with SL 103.80 for TP of 106.