AUD/JPY chart - Trading View
- AUD/JPY is trading at 79.61 at 0827 GMT, capped below stiff resistance at 110-EMA.
- Upbeat data and signs of progress in Sino-U.S. trade talks likely to support Aussie.
- Technical indicators on daily charts are bullish. Stochs and RSI are biased higher.
- The pair has broken out of daily cloud and is holding above 5-DMA.
- 110-EMA offers stiff resistance and break above required for further upside. Scope then for test of 200-DMA at 80.32.
- Strong support is seen at 78.85 to 78.75 zone, break below will see dip till 50% Fib at 77.23.
Support levels - 78.80 (cloud top), 78.78 (21-EMA), 77.91 (Mar 28 lows), 77.23 (50% Fib)
Resistance levels - 79.38 (110-EMA), 80.30 (200-DMA), 81.04 (78.6% Fib)
Recommendation: Good to go long on break above 110-EMA, SL: 78.75, TP: 80/ 80.35/ 81
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
