Catch the AUD/JPY Wave: Double Bottom Sets Stage for Gains

The AUD/JPY has formed a double bottom around 95.50 on weak yen.  It hit an intraday high of  95.92 and is currently trading around 95.92. Intraday trend is bullish as long as the resistance at 95.50 holds.

‘The AUD/JPY pair is trading above  55 and above 200 EMA and below 365 EMA (long-term) on the 15-min chart, confirming a mixed trend.  Any violation below 95.50 indicates the intraday trend is weak. A dip to 94.90/93.95/93 is possible.  Immediate resistance is at 96, a breach above this level targets of 96.32/96.85/97.20/97.64/98.

Market Indicators ( 15-min chart)

CCI (50)- Bullish

Directional movement index - Bullish

Trading Strategy:  Buy

 
 It is good to buy above 96  with SL around 95.45  for a TP of 97.05.