- AUD/JPY is consolidating at fresh 4-month highs of 80.78 hit on Monday.
- The pair has shown a clear breakout above 200-DMA and we scope for further upside.
- Technical indicators on daily charts are slightly bullish, scope for test of 81.50 (major trendline).
- Weakness only below 20-DMA at 79.49, violation there could see drag upto 77.90 (rising trendline).
- Major support levels - 79.94 (200-DMA), 79.72 (5-DMA), 79.49 (20-DMA), 78.85 (Nov 4th low)
- Major resistance levels - 80.79 (Nov 7 high), 81, 81.50 (trendline), 81.96 (May 3 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-breaks-above-200-DMA-good-to-go-long-on-dips-386444) has achieved TP1.
Recommend holding for further upside. Bullish invalidation below 20-DMA at 79.49
