Riding the Aussie Wave: AUDJPY Targets 107 as Indicators Turn Strongly Bullish

Over the past week, on board-based Australian dollar, AUDJPY traded higher. Intraday trend is favorable as long as support 103.80 endures. Presently at 105.15, it touched an intraday high of 105.16.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 105.15

EMA (4-hour chart)

55-EMA- 97.98

200-EMA- 94.45

365-EMA- 91.22. The pair trades above the short-term and long-term moving averages.

Major Support- 104.35. Any breach below 104.35 will drag the pair down to 103.80/103.50/103/102.79/102.25/102/101.40/100.98/100.35/100/99.70.

Major resistance - 105.20. Any break above 105.20 confirms minor bullishness; a jump to 105.70/106/107 is possible.

Indicator (weekly chart)

CCI (50)-  Bullish

Average directional movement Index-  Bullish. All indicators confirm a bullish trend. trend.

It is good to buy on dips around 104.70-72 with SL 103.80 for TP of 107.