FxWirePro: AUD/JPY breaks major trendline resistance at 81.45, good to long dips
AUD/JPY slumped to lows of 81.17 earlier in the Asian session after Australia's employment data came mixed. The pair has staged a solid comeback from lows, just ahead of 81 handle. Bias remains higher as long as 20-DMA s…
AUD/JPY slumped to lows of 81.17 earlier in the Asian session after Australia's employment data came mixed.
The pair has staged a solid comeback from lows, just ahead of 81 handle.
Bias remains higher as long as 20-DMA support at 80.30 holds. Break below could see test of 100-DMA at 78.30.
On the upside break above 82.60 could see test of 83.50 and then 84 levels.
Major support levels - 81, 80.30 (20-DMA), 79.92 (200-DMA)79.56 (Nov 7 low)
Major resistance levels - 81.64 (1h 20-SMA), 81.93 (1H 50-SMA), 82.60 (double top 15,16 Nov)
Recommendation: Good to go long on dips around 81.40, SL: 81, TP: 82, 82.60
FxWirePro's Hourly AUD Spot Index was at -40.5557 (Neutral), while Hourly JPY Spot Index was at -143.044 (Highly bearish) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
