Chart - Courtesy Trading View
Technical Analysis:
- AUD/JPY was trading 0.95% higher on the day at 94.99 at around 09:45 GMT
- The pair is extending bull run above daily cloud, hits highest for the month
- GMMA indicator shows major and minor trend are bullish
- Momentum is with the bulls, Stochs and RSI are sharply higher
- Price action is above cloud and Chikou span is biased higher
Support levels:
S1: 93.92 (5-DMA)
S2: 93.43 (21-EMA)
Resistance levels:
R1: 94.88 (Upper BB)
R2: 96.88 (Yearly high)
Summary: AUD/JPY has bounced off 50-DMA and daily cloud support. Technical indicators have turned bullish and the pair is showing signs of upside resumption. Scope for test of yearly highs above 96.88. Bullish invalidation only below daily cloud.
