FxWirePro: AUD/JPY breaks major trendline resistance at 84.80, bias higher, stay long

• AUD/JPY has shown a break above major trendline resistance at 84.80, bias higher.
   
• Breakout above the symmetric triangle pattern raises scope for test of 85.62 (61.8% Fib of 88.17 to 81.48 fall).
   
• Price action is now above daily cloud and major moving averages. Momentum studies are bullish.
   
• Immediate support is seen at 84.53 (100-DMA), weakness likely on break below.
   
• Downside could then test 83 levels which is nearly converged 23.6% Fib and 20-DMA.
   
• RBA June monetary policy meeting minutes largely unchanged, shed little light on new details.
   
• RBA remains upbeat on the global economy, states that forward looking labour indicators are positive but low wages growth continue to restrict consumption

Support levels - 84.70 (trendline), 84.53 (100-DMA), 84.04 (38.2% Fib of 88.17 to 81.48 fall)

Resistance levels - 85, 85.62 (61.8% Fib), 85.76 (March 31 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-capped-below-major-trendline-resistance-at-8480-good-to-go-long-on-break-above-761550) is progressing well. TP1 hit.

Recommendation: Bias higher, hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 93.3268 (Bullish), while Hourly JPY Spot Index was at -135.485 (Bearish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.