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FxWirePro: AUD/JPY breaks above daily cloud, poised for further upside

Chart - Courtesy Trading View 

AUD/JPY was trading 0.77% higher on the day at 93.66 at around 09:15 GMT, outlook bullish.

The major refreshed weekly highs as Australian dollar cheered upbeat Trade Balance data from the Australian Bureau of Statistics.

Data released earlier today showed Australia’s Trade Balance rose to 17,670M in June, well beyond the 14,000M forecast and 15,965M prior. 

However, Imports and Exports eased to 0.7% and 5.1% during the stated month versus respective priors of 5.8% and 9.5%.

AUD/JPY has bounced off 110-EMA support and 'Hammer' formation raises scope for further upside.

Price action is hovering around 200H MA and GMMA indicator shows major and minor trend is bullish on the intraday  charts.

Support levels:

S1: 93.10 (55-EMA)

S2: 92.84 (5-DMA)

Resistance levels:

R1: 93.80 (20-DMA)

R2: 95.39 (Upper W BB)

Summary: AUD/JPY pivotal at cloud top resistance. Decisive break above will fuel further gains. 

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