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​FxWirePro: AUD/JPY holds break above 200-DMA, bias higher, stay long

  • 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
 

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