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FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/JPY was trading 0.90% higher on the day at 89.54 at around 09:40 GMT

- The pair has resumed upside after a brief pause on Friday's trade

- Price action has broken above 21-EMA and is on track for further upside

- Momentum is bullish, Stochs and RSI are sharply higher, Chikou span is also pointing north

- MACD confirms bullish crossover on signal line, GMMA indicator shows minor trend is bullish

Support levels:

S1: 88.98 (21-EMA)

S2: 88.64 (20-DMA)

Resistance levels:

R1: 90.04 (converged cloud base and 55-EMA)

R2: 90.53 (Upper BB)

Summary: AUD/JPY trades with a bullish bias. The pair is poised to test daily cloud at 90.04. Bullish invalidation below 21-EMA. 
 

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