FxWirePro: AUD/JPY struggles at major trendline resistance at 87.50, further upside only on break above

• AUD/JPY spiked above 20-DMA on Wednesday's trade, bias still higher.
   
• Pair finds stiff resistance at 87.50 (trendline), further upside only on break above.
   
• Aussie subdued on dismal Australia trade balance Data released earlier today.
   
• Australia trade surplus for Jan came in at AUD 1.3 bln, widely missing expectations for a print of AUD 3.8 bln.
   
• Break above 87.50 will see test of 88.15 levels. On the flipside break below 20-DMA could drag the pair to daily cloud support.

Support levels - 86.72 (20-DMA), 85.93 (50-DMA), 85.72 (cloud top)

Resistance levels - 87.50 (trendline), 88, 88.15 (Feb  15 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Neutral               Neutral        
1W         Bullish                Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-breaks-above-Symmetric-Triangle-pattern-good-to-go-long-on-dips-565534) has almost hit TP1.

Recommendation: Book partial profits at highs, raise trailing stop to 86.72, hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 4.74363(Neutral), while Hourly JPY Spot Index was at -154.34 (Highly bearish) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.