AUDJPY hits a fresh year high as the yen lost ground this week due to political uncertainty. Having reached a high of 100.614, it now trades at about 100.58. As long as support at 99 holds, the intraday trend is upward.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 100.55
EMA (4-hour chart)
55-EMA- 98.60
200-EMA- 97.46
365-EMA- 96.865. The pair trades above both short-term and long-term moving averages.
Major Support- 100. Any breach below 100 will drag the pair down to 99.39/99/98.60/98/97.60/97/96.51/96/95.
Major resistance - 100.65. Any break above 100.65 confirms minor bullishness; a jump to 101.23/102/103 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 99.48-50 with SL around 98.90 for TP of 102.
