AUDJPY breaks significant support at 96.85 after a long consolidation. It hits an intraday low of 96.58 and is presently trading at around 96.632. The intraday trend is weak as long as the resistance at 97.25 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 96.64
EMA (4-hour chart)
55-EMA- 98.59
200-EMA- 97.96
365-EMA- 97.24. The pair trades below the short and long-term moving averages.
Major Support- 96.50. Any breach below 96.50 will drag the pair down to 96/95/94.39.
Major resistance - 97.25. Any break above 97.25 confirms minor bullishness; a jump to 98/98.81/99.50/100 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 97 with SL around 98 for TP of 95.
