Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- AUD/JPY was trading 0.30% higher on the day at 91.11 at around 12:15 GMT
- GMMA indicator shows major and minor trend are strongly bullish
- Price action has spiked past 200-month MA raising scope for further gains
- The pair has broken above 61.8% Fib retracement at 88.02
- Stochs and RSI are sharply higher, momentum is bullish
Support levels - 91, 90, 89.76 (5-DMA), 88.02 (61.8% Fib), 87.71 (200H MA)
Resistance levels - 92.69 (Aug 2015 high), 93, 94.68 (76.4% Fib retracement)
Summary: AUD/JPY has tested levels unseen since August 2015. Technical indicators are biased higher, scope for continuation of the bullish run. Next major bull target lies at 76.4% Fib retracement at 94.68.
