Weak yen causes AUDJPY to trade higher for the fourth straight day. It reached an intraday high of 98.88 and is now at roughly 98.87. As long as support 98 holds, the intraday trend is bullish..
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 98.86
EMA (4-hour chart)
55-EMA- 98.42
200-EMA- 98.02
365-EMA- 97.36. The pair trades above the short-term moving average and below the long-term moving average.
Major Support- 98.40. Any breach below 98.40 will drag the pair down to 98.22/98/97.60/97.25/96/95/94.39.
Major resistance - 99. Any break above 98.60 confirms minor bullishness; a jump to 99.50/100 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 98.40 with SL around 97.90 for TP of 99.50/100.
