AUDJPY Holds Above Key Support: Buy the Dip Toward 107 Upside Target

AUDJPY experienced a slight downward movement when the Australian dollar weakened. The intraday trend remains towards the bulls if the support level of 103. 80 does not break. Currently, at 105. 04, it saw a low of 104. 99 during the trading session.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 105.028

EMA (4-hour chart)

55-EMA- 104.82

200-EMA- 103.31

365-EMA- 101.98. The pair trades above the short and long-term moving averages.

Major Support- 105. Any breach below 104.35 will drag the pair down to 104.59/104.35/103.80/103.50/103/102.79/102.25/102.

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.