FxWirePro: AUD/JPY buoyed by risk-on, break above 110-EMA (83.84) to see further upside

• AUD/JPY buoyed as markets turn risk-pro after Chinese and American negotiators set up a framework to address the trade imbalances.
   
• Yen drops in Asia on easing US-China trade tensions as China and US agreed to halt imposing punitive import tariffs.
   
• The pair which is considered a gauge of risk appetite opened with a bullish gap and is extending upside.
   
• AUD/JPY is currently trading at 83.64, up 0.62% on the day, bias higher.
   
• Technical indicators support upside in the pair. RSI shows strength above 60 and Stochs are sharply higher.
   
• Next bull target lies at 110-EMA at 83.85. Breakout there will see test of 50% Fib at 84.78.
   
• On the flipside, break below 20-DMA could see test of trendline support at 80.90.

Support levels - 83.07 (5-DMA), 82.49 (20-DMA), 82.39 (50-DMA)

Resistance levels - 83.85 (110-EMA), 84, 84.19 (100-DMA), 84.78 (50% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-holds-50-DMA-support-at-8241-good-to-go-long-on-dips-1309462) is approaching TP2.

Recommendation: Book partial profits at highs. Trail SL to 83. Stay for further upside. 

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