AUDJPY trades weakly after dismal Australian Jobs data. It hits an intraday low of 97.55 and is presently trading at around 98.09. The intraday trend is weak as long as the resistance at 99.50 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 98.14
EMA (1-hour chart)
55-EMA- 98.50
200-EMA- 98.86
365-EMA- 98.64. The pair trades below short and long term moving average.
Major Support- 97.85. Any breach below 97.85 will drag the pair down to 97.50/97/96.51/96/95.
Major resistance - 98.35. Any break above 98.35 confirms minor bullishness; a jump to 98.81/99.50/100 is possible.
Indicator (1-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a bearish trend.
It is good to sell on rallies around 98.78-80 with SL around 99.50 for TP of 95.
