- AUD/JPY fails to extend gains above 78.6% Fib retrace of 90.305 to 84.349 fall at 89.03.
- The pair has slipped below 5-DMA at 88.55, intraday bias is neutral.
- Near-term bias for the pair is still bullish, we do not see concrete signs of reversal.
- The pair has managed to close above 200W SMA at 88.04, raising scope for further upside.
- Breakout at 78.6% Fib to see test of 89.62 (88.6% Fib) ahead of 90.30 levels (Sept 21 and 2017 high).
- Below 5-DMA, next major support lies at 88.03 (converged 200W SMA and 61.8% Fib of 90.305 to 84.349 fall).
- Retrace and close below 88.03 will negate the bullish bias. Scope then for drag till daily cloud at 87.32.
Support levels - 88.03 (converged 200W SMA and 61.8% Fib of 90.305 to 84.349 fall), 87.32 (cloud top), 87.18 (100-DMA)
Resistance levels - 88.55 (5-DMA), 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), 89.08 (double top), 90.30 (2017 high)
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