FxWirePro: AUD/JPY Trade Idea

AUD/JPY chart - Trading View 

Technical Analysis: Bias Strongly Bullish

GMMA Indicator

- Major and minor trend are strongly bullish

- GMMA shows potential for further gains

Ichimoku Analysis

- Price action is well above daily cloud

- Chikou Span is biased higher and signals upside continuation

Oscillators

- Oscillators are bullishly aligned, RSI is above 70 which supports upside momentum

- Stochastics show bullish momentum, are at overbought levels, but do not show any signs of reversal

Bollinger Bands

- Bollinger bands are widening on the daily charts

- Rising volatility with bullish momentum could carry the pair higher

Major Support Levels: 72.80 (55W EMA), 72.10 (200-DMA), 70.66 (21-EMA)

Major Resistance Levels: 74.64 (88.6% Fib), 75.73 (110W EMA), 76.54 (Dec 2019 high)

Summary: Price action has shown a decisive breakout at 200-DMA and has edged above 55W EMA resistance at 72.80. The RBA is unlikely to throw any major surprises. Any dips can be used to enter a long position. The pair is likely to target 88.6% Fib at 74.64 ahead of 110W EMA at 75.73 and Dec 2019 hghs at 76.54.