FxWirePro: AUD/JPY trades rangebound, break above 1H 200 SMA to see further upside

AUD/JPY chart on Trading View used for analysis

• AUD/JPY trades largely rangebound at 77.23 at 1100 GMT.
   
• The pair is struggling to extend gains above 5-DMA.
   
• Technical are turning slightly bullish. Stochs and RSI have rolled over from oversold levels. 
   
• The pair is struggling at 1H 200 SMA. Break above to see gains till next major resistance at 21-EMA.
   
• Major trend remains bearish. Retrace below 5-DMA could see resumption of weakness.

Support levels - 76.62 (5-DMA), 76, 74.47 (88.6% Fib)

Resistance levels - 77, 78.78 (21-EMA), 79