AUDJPY pared some of its gains on the strong yen.It hits an intraday low of 98.01 and is presently trading at around 98.07. The intraday trend is weak as long as the resistance at 99.50 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 98.09
EMA (4-hour chart)
55-EMA- 98.94
200-EMA- 97.97
365-EMA- 97.20. The pair trades below short and above long term moving average.
Major Support- 97.85. Any breach below 97.85 will drag the pair down to 97/96.51/96/95.
Major resistance - 99. Any break above 99 confirms minor bullishness; a jump to 99.50/100 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a bearish trend.
It is good to sell on rallies around 98.78-80 with SL around 99.50 for TP of 95.
