After a big surge, AUDJPY is stabilizing in a tight band. Intraday is favorable as long as Support 102.95 holds. Currently trading around 103.63, it hit an intraday low of 103.79.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 103.79
EMA (4-hour chart)
55-EMA- 103.07
200-EMA- 101.53
365-EMA- 100.35. The pair trades below short and above long term moving average.
Major Support- 102.95. Any breach below 103.80 will drag the pair down to 102.25/102/101.40/100.98/100.35/100/99.70.
Major resistance - 103.90. Any break above 103.90 confirms minor bullishness, a jump to 104.55/105/106 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend. trend.
It is good to buy on dips around 103.40-42 with SL around 102.80 for TP of 105.
