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FxWirePro: AUD/JPY momentum turns bullish, go long for 77.65

  • AUD/JPY trades with a bullish bias.
     
  • The pair has broken major trendline resistance on Monday.
     
  • We have seen a break above 20-DMA on the day.
     
  • Stochs have rolled over from oversold territory. RSI is biased north.
     
  • MACD shows a bullish crossover on signal line and CCI has edged above zero.
     
  • We see weakness on break below 76.80 (trendline resistance turned support).
     
  • Upside scope till 50-DMA at 77.64, break above could see test of 78 levels.

Recommendation: Good to go long on dips around 77.25, SL: 76.80, TP: 77.65, 78/ 78.18
 

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