FxWirePro: AUD/JPY finds stiff resistance at 110-EMA, good to go long on break above

AUD/JPY chart - Trading View 

• AUD/JPY is extending bullish gap open, is currently trading at 79.18 at 0645 GMT.
   
• Antipodeans buoyed on positive Chinese data and signs of progress in Sino-U.S. trade talks.
   
• The pair has broken out of daily cloud and is pausing upside shy of 110-EMA resistance.
   
• Break above 110-EMA will see further upside. Scope for test of 200-DMA at 80.34.
   
• Technical indicators on daily charts are slightly bullish. Stochs and RSI are biased higher and +ve DMI dominance supports upside.
   
• Strong support is seen at 78.65 (nearly converged 20 and 5 DMAs). Break below will see dip till 50% Fib at 77.23.

Support levels - 78.75 (cloud top), 78.65 (nearly converged 20 and 5 DMAs), 77.91 (Mar 28 lows)

Resistance levels - 79.40 (110-EMA), 80.34 (200-DMA), 81.04 (78.6% Fib)

Recommendation: Good to go long on break above 110-EMA, SL: 78.60, TP: 80/ 80.35/ 81

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