- AUD/JPY has broken 'Symmetric Triangle' pattern and is extending gains.
- The pair slipped lower early in the Asian session after mixed Australia jobs data.
- Australian economy added 27.9K jobs, beating the estimated figure of 20K. The June figure was revised higher to 20K from 14K.
- However, there was an unexpected drop of 20.3K in the full time jobs in July. The part time jobs registered a growth of 48.2K in July compared to the prior month’s drop of 48.0K.
- Technical indicators have turned bullish. Stochs have rolled over from oversold levels and RSI is biased north.
- The pair finds major trendline resistance at 87.55, break above to see further upside.
- 5-DMA at 86.67 is strong support, break below could see drag upto 85.80 (triangle base).
- Bullish invalidation on break below 85.80.
Support levels - 87, 86.39 (38.2% Fib retrace of 81.48 to 89.42 rally), 86, 85.80 (rising trendline)
Resistance levels - 87.55 (nearly converged 20-DMA & 23.6% Fib), 88, 88.70 (Aug 1st high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-breaks-major-resistance-at-8675-good-to-go-long-on-dips-855174) is progressing well.
Recommendation: Hold for targets.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
