FxWirePro: AUD/JPY breaks above 200-DMA, on track to test 61.8% Fib at 82.78

AUD/JPY chart - Trading View 

AUD/JPY spikes over 0.62% to hit 3-month highs at 82.53, outlook strongly bullish.

The pair has broken above 200-DMA raising scope for further upside. Next bull target lies at 61.8% Fib at 82.78.

The Australian dollar remains bid amid rising risk-on sentiment on the back of higher commodity prices and easing coronavirus restrictions.

Further, news of Sino-US talks keeps hopes for a positive impact on economic relations, aiding the risky assets.

Technical indicators support upside in the pair. Momentum is bullish and volatility is high. Further gains on cards.

Major Support Levels: 

S1: 82.30 (200-DMA)

S2: 81.64 (5-DMA)

S3: 81.35 (110-EMA)

Major Resistance Levels: 

R1: 82.78 (61.8% Fib)

R2: 83

R3: 83.93 (76.4% Fib)

Summary: AUD/JPY trades with a bullish bias. Current momentum can carry the pair to test 61.8% Fib at 82.78. Decisive break above 200-DMA will propel the pair higher.