AUD/JPY Roars Higher: Bullish Breakout Eyes 110 as Aussie Momentum Surges

AUD/JPY Roars Higher: Bullish Breakout Eyes 110 as Aussie Momentum Surges

AUDJPY gained sharply as Australian dollar gained momentum. The intraday trend is upward as long as support 106 holds. It hits an intraday high of 108.53and is currently trading around 108.45.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 108.17

EMA (1-hour chart)

55-EMA- 107.25

200-EMA- 106.92

365-EMA- 106.48. The pair trades above the short and long-term moving averages.

Major Support- 107.90. Any breach below 107.90 will drag the pair down to 107.50/107/106/105.44/105/104.70/104.35/103.80/103.50/103.

Major resistance - 107.25. Any break above 107.25 confirms minor bullishness; a jump to 108/108.52/109.20/110 is possible.

Indicator (4-hour chart)

CCI (50)-  Bullish

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

It is good to buy on dips around 108 with SL 107 for TP of 110.