FxWirePro: AUD/JPY breaks above 200W SMA at 88.04, on track to test trendline resistance at 89.45

• AUD/JPY has shown breakout at stiff resistance at 200W SMA at 88.04, bias higher.
   
• Technical studies support further upside. We now see scope for test of 89.40 levels (trendline).
   
• The pair has shown break of 'Symmetric Triangle' pattern on daily charts (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963).
   
• RSI on weekly charts strong above 50, momentum highly bullish. MACD is on verge of bullish crossover.
   
• Breakout at 200W SMA now finds next major resistance at 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall) ahead of 89.40 (trendline).
   
• On the lower side, daily cloud at 87.40 is immediate resistance, break below to test 100-DMA at 87.09.

Support levels - 88.02 (nearly converged 200W SMA and 5-DMA), 87.40 (cloud top), 87.09 (100-DMA)

Resistance levels - 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), 89.40 (trendline), 90.30 (2017 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963) has hit TP1/2.

Recommendation: Book partial profits at highs, trail stop loss to 88, hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 118.598 (Bullish), while Hourly JPY Spot Index was at -80.6142 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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