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Add as a preferred source on Google 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 overs…
By FxWirePro Team Jan 4, 2017, 9:08 AM UTC
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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)
Recommendation: Good to go long on dips around 85, SL: 84, TP: 85.75/ 86/ 86.60
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