AUDJPY Rockets Higher: Bulls Target 104 as Yen Falters on Bond Yield Surge

AUDJPY gained sharply as the yen lost its shine due to a surge in Japan’s bond yield.It hits an intraday high of 102.23 and is currently trading around 102.086. Intraday trend remains bullish as long as support 101.40 holds.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 102.079

EMA (4-hour chart)

55-EMA- 100.89

200-EMA- 99.84

365-EMA- 98.89. The pair trades above short and above long term moving average.

Major Support- 101.70. Any breach below 101.70 will drag the pair down to 99.70/99/98.25/97.48/97/96/95/94.39.

Major resistance - 102.40. Any break above 101.20 confirms minor bullishness; a jump to 103/104/105 is possible.

Indicator (4-hour chart)

CCI (50)-  Bullish

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

It is good to good to buy on dips around 101.70-72 with SL around 101 for TP of 103/104.