- AUD/JPY has been rejected at session lows at 82.58 and is currently trading above the 83 handle.
- Upside finds series of stiff resistance upto 83.20 levels. Break above could see further upside.
- Technical studies are neutral to mildly bullish. Decisive break above 83.20 could see test of 83.63 (cloud base).
- Violation at cloud base could see test of 84.04 (38.2% Fib of 88.17 to 81.48 fall).
- On the flipside, close below 5-DMA at 82.76 could see downside upto 81.80 (trendline)
Support levels - 82.94 (20-DMA), 82.76 (5-DMA), 81.80 (trendline)
Resistance levels - 83.06 (200-DMA and 23.6% Fib), 83.63 (cloud base), 84.04 (38.2% Fib)
Recommendation: Good to go long on break above 83.20, SL: 82.75, TP: 83.60/ 84
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 119.154 (Bullish), while Hourly JPY Spot Index was at 17.3535 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
