- AUD/JPY has shown a breakout at 20-DMA raising scope for further upside.
- Technical studies are biased higher. RSI has shown a rollover from oversold levels.
- Stochs are biased higher and MACD is showing a bullish crossover on signal line.
- Further, we see bullish divergence on Stochs which raises scope for further upside in the pair.
- Next immediate resistance lies at 55-EMA at 85.23, break above targets 50-DMA at 86 levels.
- On the flipside, 20-DMA is strong support at 83.60. Break below eyes 5-DMA at 83.30.
Support levels - 83.60 (20-DMA), 83.30 (5-DMA), 83
Resistance levels - 84.39 (38.2% Fib), 85, 86 (50-DMA)
Recommendation: Good to go long on dips around 83.80/90, SL: 83.25, TP: 84.40/ 85/ 85.30/ 86.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 136.225 (Bullish), while Hourly JPY Spot Index was at -154.619 (Bearish) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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