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AUD/JPY chart on Trading View used for analysis
- AUD/JPY extends break above 200-DMA, intraday bias higher.
- The pair has held strong support at 110-EMA support and we see weakness only on break below.
- A positive tone seen around the Asian equities today amid risk-on is keeping pressure on the Japanese yen, supporting the pair higher.
- Next major resistance lies at 38.2% Fib at 82.58, (38.2% Fib), break above to see test of 83.05 (Nov 8 high).
- On the flipside, 110-EMA is major support, break below to see further weakness.
Support levels - 81.89 (200-DMA), 81.50 (110-EMA), 81.04 (23.6% Fib)
Resistance levels - 82.58 (38.2% Fib), 83.05 (Nov 8 high), 83.82 (50% Fib)
Recommendation: Good to go long on dips around 82, SL: 81.50, TP: 82.55/ 83
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
