FxWirePro: AUD/JPY finds stiff resistance at 21-EMA at 66.48, good to short upticks

AUD/JPY chart - Trading View 

AUD/JPY was trading 1.63% higher on the day at 66.025 at around 08:20 GMT after closing 0.55% lower in the previous session.

The pair has broken above 5-DMA and is consolidating break above 200H MA on the hourly charts.

The Japanese yen has been sold-off across the board amid expectations of a rescue package to be rolled out soon.

Yen on the back-foot amid a likely state of emergency in Japan as COVID-19 cases spike. The Japanese government is set to make an announcement in this regard on April 7, Tuesday.

AUD/JPY near-term bias is turning slightly bullish. Bullish divergence on RSI and Stochs likely to support gains.

The pair now eyes major resistance at 21-EMA (currently at 66.495). Breakout at 21-EMA to see further upside.

Failure to break 21-EMA resistance could see downside resumption. Next support lies at lower Bollinger band at 62.810.

Support levels - 65.60 (20-DMA), 63.80 (23.6% Fib)

Resistance levels - 66.49 (21-EMA), 68.20 (50% Fib)

Guidance: Good to stay short on upticks, SL: 66.55, TP: 64.50/ 63.80