FxWirePro: AUD/JPY breaks above 55-EMA, bias higher, good to stay long on dips

AUD/JPY chart on Trading View used for analysis

• AUD/JPY is trading 0.31% higher on the day at 79.64 at 0815 GMT, bias bullish.
   
• The pair has broken above 55-EMA resistnace which was capping upside from many sessions.
   
• Technical indicators on the daily charts are also bullish, support further gains in the pair.
   
• Break above 55-EMA has raised scope for test of 200-DMA at 81.11.
   
• On the flipside, retrace below 55-EMA will see weakness till 20-DMA at 78.46.
   
• Violation at 20-DMA will see major weakness in the pair. 

Support levels - 79.29 (55-EMA), 78.80 (61.8% Fib), 78.46 (20-DMA)

Resistance levels - 80.09 (110-EMA), 81.11 (200-DMA), 82

Recommendation: Good to stay long on dips, SL: 79.20, TP: 80/ 81.10

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.