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

• AUD/JPY extends upside, breaks major channel top resistance at 85.65, bias higher. 
   
• Saudi’s readiness to do ‘whatever it takes’ to rebalance the oil markets buoys oil markets and in turn commodity currencies.
   
• Focus now shifts towards tomorrow’s Chinese data dump for further impetus on the pair.
   
• Support levels - 85.90 (1H 20-SMA), 85.41 (5-DMA), 85. 84.93 (Dec 9 lows)
   
• Resistance levels - 86.40 (trendline), 86.70 (Mar 28 week), 87, 87.64 (50% Fib)
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-higher-on-upbeat-China-CPI-data-finds-major-resistance-at-8560-442861) has hit TP1.
   

Recommendation: Bias higher, we recommend holding for next targets.
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FxWirePro's Hourly AUD Spot Index was at 48.8523 (Neutral), while Hourly JPY Spot Index was at -111.09 (Highly bearish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex