FxWirePro: AUD/JPY extends consolidation at 61.8% Fib, watch for breakout above 88.06 for further upside

• AUD/JPY extends consolidation at 61.8% Fib retrace of 90.305 to 84.349 fall at 88.03.
   
• The pair also finds stiff resistance at 200W SMA at 88.06, we see Doji formation on daily charts.
   
• Technical studies support further upside. The pair has shown break of 'Symmetric Triangle' pattern.
   
• RSI strong above 70, momentum highly bullish. ADX is above 25 and rising with +ve DMI dominance.
   
• Breakout at 200W SMA finds next major resistance at 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall) ahead of 89.50 (trendline).
   
• On the lower side, 100-DMA at 87.05 is strong support, we see bullish invalidation on break below.

Support levels - 87.76 (5-DMA), 87.40 (cloud top), 87.05 (100-DMA)

Resistance levels - 88.06 (200W SMA), 88.31 (Oct 13 high), 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall)

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) is progressing well.

Recommendation: Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 84.0255 (Bullish), while Hourly JPY Spot Index was at -41.1907 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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