AUDJPY: Bearish Setup Intact — Sell Rallies Near 103.30 Targeting 100

AUDJPY trades weak on board-based Australia dollar weakness. Intraday trend is negative as long as the 103.70 resistance holds. Trading at 102.86 at present, it reached an intraday low of 102.866.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 102.86

EMA (4-hour chart)

55-EMA- 103.68

200-EMA- 101.803

365-EMA- 100.63. The pair trades below short and above the long-term moving average.

Major Support- 102.30. Any breach below 102.30 will drag the pair down to 102/101.40/100.98/100.35/100/99.70.

Major resistance - 103. Any break above 103 confirms minor bullishness; a jump to 103.40/103.85/104.10/104.55/105/106 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.