FxWirePro: AUD/JPY edges lower from 1-month highs at 84.53, bias higher, good to go long on dips

• AUD/JPY trades with a bullish bias, pair is on track to test 100-DMA at 85.31.
   
• The pair has edged lower from 1-month highs at 84.53, bias remains higher.
   
• Technical indicators support upside, we recommend going long on dips.
   
• Break above initial resistance by 100-DMA at 85.31 could see test of 86.25 (major trendline resistance).
   
• We see bearish reversal only on break below major trendline support at 82 level.

Support levels: 84.04 (38.2% Fib retrace of 88.17 to 81.48 fall), 83.60 (5-DMA), 82.92 (20-DMA)

Resistance levels: 85, 85.31 (100-DMA), 85.62 (61.8% Fib), 86.25 (trendline resistance).

TIME  TREND INDEX  OB/OS INDEX    
1H          Neutral                 Overbought        

4H          Bullish                 Overbought        

1D          Bullish                  Neutral    

1W         Bullish                  Neutral    

Recommendation: Good to go long on dips around 84.25, SL: 83.60, TP: 85/ 85.30/ 85.60

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 73.2022 (Bullish), while Hourly JPY Spot Index was at -155.777 (Bearish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.