FxWirePro: AUD/JPY upside stalls at 61.8% Fib, price action contained within daily cloud
Friday, March 11, 2016 5:16 AM UTC
- Daily cloud still weighs on AUD/JPY upside, price action remains contained within the cloud.
- Upside on Thursday was capped at 85.70 levels, which is 61.8% Fib retracement of 90.725 to 77.582 fall.
- Momentum is higher, RSI strength seen at 60 levels, and major moving averages are biased higher.
- Breaks above daily cloud (currently spanning 83.817 and 84.969) and 61.8% Fib at 85.70 could see further upside.
- Pair finds next resistance above 85.70 at 86.36 (Jan 29th highs) and then at 87.36 (200-DMA) and then 87.51 (Sept 17th highs).
- Cloud base at 83.82 is immediate support on the downside, ahead of 83.57 (5-DMA)
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