AUDJPY Pulls Back but Bulls Defend 105 – Dip-Buy Setup to 107?

AUDJPY pared most of its gains as yen recovered sharply. As long as support 105 holds, the intraday trend is bullish. Having already achieved a session low of 105.99, it is presently trading around 106.20.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 106.20

EMA (4-hour chart)

55-EMA- 106.31

200-EMA- 106.06

365-EMA- 106.01. The pair trades below short and above long term moving average.

Major Support- 105.70. Any breach below 105.70 will drag the pair down to 105.44/105/104.70/104.35/103.80/103.50/103.

Major resistance - 106.25. Any break above 106 confirms minor bullishness; a jump to 106.75/107/107.77/108/109 is possible.

Indicator (15-min chart)

CCI (50)-  Bearish

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

It is good to buy on dips around 105.70-75 with SL 105 for TP of 107.