AUD/JPY chart on Trading View used for analysis
- AUD/JPY is trading 0.31% higher on the day at 79.64 at 0815 GMT, bias bullish.
- The pair has broken above 55-EMA resistnace which was capping upside from many sessions.
- Technical indicators on the daily charts are also bullish, support further gains in the pair.
- Break above 55-EMA has raised scope for test of 200-DMA at 81.11.
- On the flipside, retrace below 55-EMA will see weakness till 20-DMA at 78.46.
- Violation at 20-DMA will see major weakness in the pair.
Support levels - 79.29 (55-EMA), 78.80 (61.8% Fib), 78.46 (20-DMA)
Resistance levels - 80.09 (110-EMA), 81.11 (200-DMA), 82
Recommendation: Good to stay long on dips, SL: 79.20, TP: 80/ 81.10
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
