As the yen strengthens ahead of the BOJ monetary policy, AUDJPY lost most of its gains. Intraday trend as long as the resistance at 104.10 holds. Having been trading around 103.10, it sank to an intraday low of 103.09.
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 long 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 (1-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.
