FxWirePro: AUD/JPY breaks 20-DMA at 85.16, good to go long on dips

• AUD/JPY breaks above 5-DMA at 84.42, extends bullish momentum.
   
• The pair is on track for further upside after breaking major resistance by 20-DMA at 85.16.
   
• Technical studies have turned bullish. Stochs rollover from oversold and MACD shows downward momentum is fading.
   
• We see scope for test of 86.60 and then 87 levels.
   
• On the flipside, break below major trendline support at 84 could see resumption of downside.
   
• Support levels - 85.16 (20-DMA), 84.65 (5-DMA), 84 (trendline), 83.87 (Dec 26 low)
   
• Resistance levels - 85.75 (21st Dec high), 86, 86.60 (Dec 13 high)
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Recommendation: Good to go long on dips around 85, SL: 84, TP: 85.75/ 86/ 86.60