AUDJPY Coiled in the 109 Zone – Buy the Dip, 112 in Sight?

AUDJPY has traded in a narrow range between 110.17 and 109.07 for the past two days. As long as support 108.60 holds, the intraday trend is upward. It is now trading about 109.88, having reached an intraday high of 109.95.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 109.72

EMA (1-hour chart)

55-EMA- 109.32

200-EMA- 108.27

365-EMA- 107.57. The pair trades above short and long term moving average.

Major Support- 109. Any breach below 109 will drag the pair down to 108.60/108.25/107.80/107.40/107/106/105.44/105.

Major resistance - 110.20. Any break above 110.20 confirms minor bullishness, a jump to 110.78/112 is possible.

Indicator (1-hour chart)

CCI (50)-  Bullish

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

It is good to buy on dips around 109.48-50 with SL 108.45 for TP of 112.