FxWirePro: AUD/JPY Trade Idea

FxWirePro's Hourly Currency Strength Index for AUD/JPY at 1100 GMT: Bias Bullish

FxWirePro's Hourly AUD Spot Index was at 135.415 (Bullish)

FxWirePro's Hourly JPY Spot Index was at -29.8847 (Neutral)

Technical Analysis: Bias Neutral

- Hovers around 5-DMA at 84.89

- RSI on verge of rollover from oversold levels

- Price has retraced dip below 61.8% Fib

Support levels - 84.89 (5-DMA), 84.50 (Nov 20 low), 84, 83.73 (June 22 low), 83.37 (78.6% Fib retrace of 81.486 to 90.305 rally)

Resistance levels - 84.85 (61.8% Fib), 85.93 (200-DMA), 86.23 (20-DMA)

Recommendation: Good to go long on close above 5-DMA at 84.89, SL: 84.50, TP: 85.25/ 85.90/ 86.25.

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