- AUD/JPY edges lower from fresh 12-week highs at 89.07, bias higher.
- The major has paused upside at minor resistance at 89.07 (Oct 23 high).
- Price action hovers around 78.6% Fib retrace of 90.305 to 84.349 fall.
- The pair has managed to close above 200W SMA at 88.04, raising scope for further upside.
- Break of 'Symmetric Triangle' pattern on daily charts support further upside. Technical studies biased higher.
- Scope now for test of 89.62 (88.6% Fib) ahead of 90.30 levels (Sept 21 and 2017 high).
- On the lower side, 5-DMA at 88.46 is immediate support, break below will see drag till daily cloud at 87.32.
Support levels - 88.46 (5-DMA), 88.03 (200W SMA), 87.32 (cloud top)
Resistance levels - 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), 89.08 (double top), 90.30 (2017 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963) has hit all targets.
Recommendation: Watch out for breakout at 89.08 for further upside.
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