FxWirePro: Potential 'Bearish Bat' pattern on AUD/JPY, stay long on break above 20-DMA at 82.50

• AUD/JPY consolidates gains holds break above 50-DMA at 82.41, bias higher.
   
• Aussie dented slightly after decline in decline in Australian Home Loans.
   
• Australian Home Loans printed at -2.2%, a miss from the expected -1.9% compared to the previous reading of -0.2%. 
   
• Aussie Investment Lending for Homes also declined heavily, contracting -9.0% compared to the previous period's -0.5%.
   
• Technical indicators for the pair are biased higher. Stochs have rolled over from oversold levels and MACD is on verge of a bullish crossover on signal line.
   
• Also, we see the possibility of a potential 'Bearish Bat' formation on the daily charts which raises scope for upside.
   
• The pair currently struggles to break above 20-DMA at 82.50, break above to see further upside.
   
• Price action has broken into daily cloud and break at 20-DMA eyes 38.2% Fib at 83.77.
   
• 5-DMA is strong support at 82 levels. Break below to see resumption of weakness.

Support levels - 82.41 (50-DMA), 82.00 (5-DMA), 81.13 (May 8,9 low)

Resistance levels - 82.50 (20-DMA), 83, 83.77 (38.2% Fib)

Recommendation: Go long on decisive break above 20-DMA, SL: 82, TP: 83/ 83.75

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 58.3576 (Neutral), while Hourly JPY Spot Index was at -0.313917 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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