 - EconoTimes)
- AUD/JPY has paused upside, trades in a narrow range on the day.
- Upside is currently hovering around stiff resistance by 200W SMA at 88.06.
- The pair is extending gains after break of 'Symmetric Triangle' pattern.
- Technical studies support further upside. RSI strong above 70, momentum highly bullish. ADX is above 25 and rising with +ve DMI dominance.
- Breakout at 200W SMA finds next major resistance at 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall) ahead of 89.50 (trendline).
- On the lower side, 100-DMA at 87.03 is strong support, we see bullish invalidation on break below.
Support levels - 87.64 (5-DMA), 87.40 (cloud top), 87.03 (100-DMA)
Resistance levels - 88.06 (200W SMA), 88.31 (Oct 13 high), 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-edges-lower-from-4-week-highs-at-8649-bias-higher-good-to-go-long-on-dips-1058745) has hit all targets.
Our subsequent call (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 123.192 (Bullish), while Hourly JPY Spot Index was at -47.5318 (Neutral) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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