AUD/JPY: Bullish Momentum Builds with Buy-on-Dips Opportunity
The AUD/JPY took support near 365- EMA 15 min and showed a minor pullback on weak yen.It reached an intraday high of 95.16 and is currently trading around 96.08. The intraday trend remains bullish as long as support at 95 holds.
‘The pair is trading above 55 and 200 EMA and below 365 EMA (long-term) on the 15-min chart, confirming a bullish trend. Any violation below 95.50 indicates the intraday trend is weak. A dip to 95/94.40/93.95/93 is possible. Immediate resistance is at 96.20, a breach above this level targets 96.50/96.85/97.20/97.64/98.
Market Indicators ( 15-min chart)
CCI (50)- Bullish
Directional movement index - neutral
Trading Strategy: buy
It is good to buy on dips around 96.03-05 with SL around 95.48 for a TP of 97.20/98.
