FxWirePro: AUD/JPY holds break above 110-EMA at 83.12, weakness only on break below

• AUD/JPY is extending consolidation after break above 110-EMA, bias higher.
   
• Technical indicators on daily charts are bullish, Stochs show bullish momentum and RSI shows strength above 60.
   
• Price action has edged above daily cloud and major moving averages.
   
• Upside finds immediate resistance at 38.2% Fib at 83.78. Break above will see test of 200-DMA at 84.57.
   
• Break above 200-DMA and further bullishness is hard to see as RBA reiterated wait-and-watch stance for the indeterminate future.
   
• On the flipside, we see weakness on break below 110-EMA at 83.12. Scope then for test of 21-EMA at 82.51.

Support levels - 83.21 (5-DMA), 83.12 (110-EMA), 82.51 (21-EMA)

Resistance levels - 83.78 (38.2% Fib), 84, 84.57 (200-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 30.9526 (Neutral), while Hourly JPY Spot Index was at -90.6046 (Bearish) at 0625 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.