FxWirePro: AUD/ JPY bulls gear up for a charge at key fibo

• AUD/ JPY strengthened  on Tuesday after  Australia's central bank maintained rates and adopted a hawkish stance.

• Concluding its September meeting, the Reserve Bank of Australia (RBA) maintained rates at a 12-year high of 4.35%, emphasizing the need for a sufficiently restrictive policy to bring inflation back to target.

• The hawkish stance sent the Australian dollar   0.52% higher against Japanese yen to 98.68, the highest since 3rd September.

•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  

• Immediate resistance is located at 99.10 ( 38.2% fib), any close above will push the pair towards 100.00 (Psychological level).

• Immediate support is seen at 98.04 (Daily low) and break below could take the pair towards 97.32 (50% fib).

 Recommendation: Good to buy around 98.60, with stop loss of 98.00 and target price of 99.40