FxWirePro: AUD/JPY struggles to hold gains above the 80 handle, bias higher

• AUD/JPY has re-taken the 80.00 handle post RBA minutes which showed that the members were not so dovish at the May 3rd meeting.
   
• Minutes revealed that "members discussed the merits of leaving interest rates on hold but decided on balance that a cut would help return inflation to target over time.
   
• Markets currently pricing out RBA rate cuts post publication of minutes, expect a potential more cautious approach towards cutting rates again.
   
• AUD/JPY is struggling to hold above the 80 handle, currently pared some gains to trade at 80.07 levels.
   
• Technicals support further upside in the pair, weakness only below 78.75.
   
• The pair has broken major trendline resistance at 79.90 and finds next hurdle at 80.65.
   
• Supports on the downside are seen at 78.75 (trendline), 78.63 and then 78.17.
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Recommendation: Good to buy dips around 80 levels, SL: 79.45, TP: 80.40/80.65/80.90