FxWirePro: AUD/JPY breaks channel top, intraday bias higher, stay long

• AUD/JPY has broken major channel top resistance at 86.60, intraday bias higher.
   
• Momentum with the bulls, RSI strong at 67 levels with further room to run.
   
• Stochs and MACD suggest further upside, with directional support from ADX.
   
• 87.53 (Dec 15 high) is next target for bulls. Break higher could see test of 87.64 (50% Fib retrace of 102.844 to 72.437 fall) and then 89.89 (weekly 200-MA).
   
• Support levels - 86.06 (5-DMA), 85.19 (converged trendline and 20-DMA), 84.63 (50-DMA)
   
• Resistance levels - 87.53 (Dec 15 high), 87.64 (50% Fib), 88.20 (Dec 31 high) 
  ​

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-4H-long-setup-495949) has hit TP1&2.

Recommendation: Book partial profits at highs. Raise trailing stops to 86, hold for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 13.4926 (Neutral), while Hourly JPY Spot Index was at -118.345 (Highly Bearish) at 0150 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.