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FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/JPY was trading 0.40% lower on the day at 92.22 at around 14:00 GMT

- The pair is holding above 5-DMA which is sharply higher

- GMMA indicator shows minor trend is bullish, while major trend is turning bullish

- Momentum is bullish, volatility is high and rising, MACD and ADX support upside in the pair

- Price action has edged above 21-week EMA, weekly close above will fuel further gains

Support levels - 92.00 (110-EMA), 91.34 (55-EMA)

Resistance levels - 93.00 (200-DMA), 73.78 (previous month high)

Summary: AUD/JPY consolidates above daily cloud. Technical bias is bullish. 200-DMA at 93.00 in sight. Decisive break above will fuel further gains. 
 

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