AUDJPY holds well above 98 level despite US-China trade tension. It hits an intraday high of 98.40 and is presently trading at around 98.27. The intraday trend is bullish as long as support 97.60 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 98.26
EMA (1-hour chart)
55-EMA- 97.99
200-EMA- 98.34
365-EMA- 98.379. The pair trades above short and below long term moving average.
Major Support- 97.95. Any breach below 97.95 will drag the pair down to 97.60/97.25/96/95/94.39.
Major resistance - 98.60. Any break above 98.60 confirms minor bullishness, a jump to 99.50/100 is possible.
Indicator (4 hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 97.78-80 with SL around 97 for TP of 99.50/100.
