AUDJPY Powers Above 109 – Yen Weakness Fuels Aussie Bulls

As the yen lost its force, AUDJPY gained above 109. As long as support 107.40 holds, the intraday trend is upward. It is now trading about 109.35, having reached an intraday high of 109.54.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 109.22

EMA (1-hour chart)

55-EMA- 108.08

200-EMA- 107.49

365-EMA- 106.98. The pair trades above the short and long-term moving averages.

Major Support- 108.70. Any breach below 108.70 will drag the pair down to 108.25/107.80/107.40/107/106/105.44/105.

Major resistance - 109.78. Any break above 109.78 confirms minor bullishness; a jump to 110.78/112 is possible.

Indicator (1-hour chart)

CCI (50)-  Bullish

Average directional movement Index-  Bullish. All indicators confirm a bullish trend.

It is good to buy on dips around 108.48-50 with SL 107.40 for TP of 112.