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.
