FxWirePro: AUD/JPY upside halts shy of 50% Fib, break above could see test of 90.25

• AUD/JPY has broken a downward spiralling channel with rising volumes to edge higher.
   
• Upside in price action has currently paused shy of 87.64 which is 50% Fib retrace of 102.84 to 72.43 fall.
   
• Momentum studies are highly bullish, break above 87.64 to see test of 90.20 (weekly 200-MA).
   
• Support levels - 86.63 (5-DMA), 86, 85.75 (trendline)
   
• Resistance levels - 87.53 (Dec 15 high), 87.64 (50% Fib), 88
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-upside-pauses-at-minor-trendline-resistance-bias-higher-good-to-long-dips-448989) has almost hit all targets.
   

Recommendation: Long breakout above 87.65, target 90.20 (weekly 200-MA)
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FxWirePro's Hourly AUD Spot Index was at -38.1544 (Neutral), while Hourly JPY Spot Index was at -138.936 (Highly bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.