As yen weakens, AUDJPY shot beyond 105.50. Should the 104.70 support level hold, the intraday trend stays toward the bulls. It peaked during the trading session at 105.94, currently at 105.85.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 105.88
EMA (1-hour chart)
55-EMA- 105.04
200-EMA- 103.64
365-EMA- 102.30. The pair trades above short and long-term moving averages.
Major Support- 105. Any breach below 105 will drag the pair down to 104.70/104.35/103.80/103.50/103/102.79/102.25/102.
Major resistance - 106. Any break above 106 confirms minor bullishness, a jump to 107/108/109 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 105.40-45 with SL 104.70 for TP of 107.
