AUD/JPY Bulls Charge Ahead: Buy the Dips Targeting 107

As the yen slows down, trades on AUDJPY above the 105 level are seen. If the support level of 104.70 does not break, the intraday trend stays toward the bulls. It had a daily high of 105.37 during the trading session; it now stands at 105.25.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 105.20

EMA (4-hour chart)

55-EMA- 104.88

200-EMA- 103.46

365-EMA- 102.12. The pair trades above short and long-term moving averages.

Major Support- 104.70. Any breach below 104.35 will drag the pair down to 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-  Neutral. All indicators confirm a neutral trend. 

It is good to buy on dips around 104.80 with SL 103.80 for TP of 107.