AUD/JPY Dips on Aussie Weakness: Bearish Trend Targets 95.50

The AUD/JPY  declined slightly on Australian weakness. It reached an intraday low of 97.25 and is currently trading around 97.354. The intraday trend remains bearish as long as the resistance at 98 holds. 

The pair is trading below 55 and  200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bearish trend.  Any close below 97.20 indicates a weak intraday trend. A dip to 97/96.75/96.30/96/ 95.50/95/94.40/93.95/93 is possible.  Immediate resistance is at 98, a breach above this level targets 98.50/98.75/100/100.42.

Market Indicators ( 1-hour chart)

CCI (50)- Bearish

Directional movement index -  Bearish

Trading Strategy:  Sell

 
It is good to sell on rallies  around 97.68-70 SL around 98.10 for a TP of 95.50.