AUDJPY: Buy-the-Dip Strategy Intact Above 103.80 Despite Profit-Taking Pullback

Profit-taking caused a little sell-off in AUDJPY. Intraday trend is positive as long as support 103.80 lasts. Trading at 104.13 presently, it hit an intraday low of 103.89.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 104.148

EMA (1-hour chart)

55-EMA- 104.05

200-EMA- 103.49

365-EMA- 103.12. The pair trades above short and above long term moving average.

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

Major resistance - 104.50. Any break above 104.50 confirms minor bullishness; a jump to 105/106 is possible.

Indicator (1-hour chart)

CCI (50)-  Bearish

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

It is good to buy on dips around 103.80 with SL 103 for TP of 106.