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FxWirePro: AUD/JPY holds above cloud base at 82, break below could test 81.30

AUD/JPY extends slump post BoJ surprise to hit fresh 3-week lows at 81.73. The pair finds strong support at 82 levels which is a psychological barrier and daily cloud base. If the pair sees a clear break below 82 levels …

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FxWirePro: AUD/JPY holds above cloud base at 82, break below could test 81.30
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  • AUD/JPY extends slump post BoJ surprise to hit fresh 3-week lows at 81.73.
     
  • The pair finds strong support at 82 levels which is a psychological barrier and daily cloud base.
     
  • If the pair sees a clear break below 82 levels we see scope for test of 81.30 (trendline).
     
  • Our previous call (http://www.econotimes.com/FxWirePro-JPY-strengthens-across-the-board-as-BoJ-stands-pat-sell-AUD-JPY-rallies-target-8175-201350) has hit all targets.
     
  • Daily charts suppoort further downside, but we do not see confirmation on weeklies.
     
  • We advise risk averse to book full profits in the pair. Else you can book partial profits, lower trailing stops to 82.50, target 81.30.
     

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