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The AUD/JPY trades in a narrow range with a negative bias. It hit an intraday low of 94.40 and is currently trading around 94.603. Intraday trend is bearish as long as the resistance at 95.35 holds.
‘The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a bearish trend. Any violation below 94.40 indicates the intraday trend is weak. A dip to 93.95/93 is possible. Immediate resistance is at 95.35. A breach above this level targets 95.80/96.20/96.50/96.85/97.20/97.64/98.
Market Indicators ( 4-hour chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It is good to sell on rallies around 95.32-35 with SL around 96 for a TP of 93.
