AUDJPY holds well above the 98 level on weak yen. It hits an intraday high of 98.73 and is presently trading at around 98.63. The intraday trend is bullish as long as support 97.60 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 98.635
EMA (4-hour chart)
55-EMA- 98.37
200-EMA- 97.98
365-EMA- 97.31. The pair trades above the short and long-term moving averages.
Major Support- 97.95. Any breach below 97.95 will drag the pair down to 97.60/97.25/96/95/94.39.
Major resistance - 98.75. Any break above 98.75 confirms minor bullishness; a jump to 99.50/100 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 98.38-40 with SL around 97.95 for TP of 99.50/100.
