AUDJPY Consolidates—Buy the Dip Strategy Shines Above 101

AUDJPY is consolidating in a narrow range after forming a minor bottom around 100.35. Intraday trend is bullish as long as support 100 holds. It hits an intraday high of 101.50 and is currently trading around 101.193.
 

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 101.20

EMA (4-hour chart)

55-EMA- 101.08

200-EMA- 100.06

365-EMA- 99.11. The pair trades above short and above long term moving average.

Major Support- 101. Any breach below 101 will drag the pair down to 100/99.70/99/98.25/97.48/97/96/95/94.39.

Major resistance - 101.70. Any break above 101.70 confirms minor bullishness, a jump to 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 101 with SL around 100.35 for TP of 102.40.