FxWirePro: AUD/JPY holds above cloud base at 82, break below could test 81.30
Friday, April 29, 2016 4:04 AM UTC
- 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.