- AUD/JPY edges higher from 14-month lows at 80.50, hovers around 5-DMA at 81.42.
- The pair is trading 0.97% higher on the day as risk-recovery knocks-off demand for the Yen.
- The pair finds strong resistance at 81.48 'Double Bottom', break above could see further upside.
- Momentum indicators on daily charts are still highly bearish. We still see scope for test of 78.6% Fib retracement of 76.783 to 90.305 rally at 79.68.
- On the flipside, retrace and close above 'Double Bottom' at 81.48 invalidates bearish bias.
Support levels - 80.50 (March 23 low), 80, 79.68 (78.6% Fib retracement of 76.783 to 90.305 rally)
Resistance levels - 81.41 (5-DMA), 81.48 (Double Bottom), 81.94 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-breaks-Double-Bottom-at-8148-good-to-short-rallies-1218638) has hit TP1.
Recommendation: Watch out for decisive break above 81.48 for bearish invalidation
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