Yen Power Play: AUDJPY Crumbles Below 103.70 Resistance

As the yen strengthens in anticipation of BOJ monetary policy, AUDJPY gave back most of its gains. Intraday trend is negative as long as the 103.70 resistance holds. Trading at 102.79 at present, it reached an intraday low of 102.884.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 103.79

EMA (4-hour chart)

55-EMA- 103.68

200-EMA- 103.26

365-EMA- 102.72. The pair trades below the short-term moving average and above the long-term moving average.

Major Support- 102.95. Any breach below 102.95 will drag the pair down to 102.25/102/101.40/100.98/100.35/100/99.70.

Major resistance - 103.90. Any break above 103.40 confirms minor bullishness; a jump to 104.10/104.55/105/106 is possible.

Indicator (4-hour chart)

CCI (50)-  Bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend. trend.

It is good to sell on rallies around 103.28-30 with SL around 104 for TP of 100.