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FxWirePro: AUD/JPY breaks above trendline resistance, further upside on charts

AUD/JPY chart - Trading View AUD/JPY was trading 0.28% higher on the day at 77.06 at around 07:25 GMT, bias bullish. Aussie remains supported after upbeat Q3 GDP data weakens the case for additional stimulus. Data releas…

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FxWirePro: AUD/JPY breaks above trendline resistance, further upside on charts
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AUD/JPY chart - Trading View 

AUD/JPY was trading 0.28% higher on the day at 77.06 at around 07:25 GMT, bias bullish.

Aussie remains supported after upbeat Q3 GDP data weakens the case for additional stimulus.

Data released earlier today showed Australia's Gross Domestic Product (GDP) rose 3.3% quarter-on-quarter in Q3, beating expectations for a growth rate of 2.6%.

Technical bias for the pair has turned bullish. After extending consolidation for the past few sessions, the pair is set to resume upside.

Price action has shown a breakout at trendline resistance. MACD is on verge of bullish crossover on the signal line on weekly charts.

Bullish 5-DMA crossover on 20-DMA adds to upside bias. Scope for test of 200W MA at 79.27. Bullish invalidation likely on retrace below daily cloud.
 

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