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FxWirePro: AUD/JPY bounces of trendline support, good to buy dips

AUD/JPY has been trading within a channel on the hourly charts.

  • Price action has bounced off trendline support at 79.82 and edged higher.
     
  • We see Stochs on the hourlies have rolled over from oversold territory with a bullish crossover.
     
  • RSI has also rolled over from oversold zone and is biased higher.
     
  • MACD histogram shows slowdown in downside momentum, a crossover of the MACD line over signal line will give further confirmation.
    Recommendation: Good to buy dips around 80.20/25, SL: 79.60, TP: 80.80/ 81.30

 

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