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.
