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FxWirePro: AUD/JPY breaks above 21-EMA, bullish divergence to fuel further gains
AUD/JPY chart - Trading View
AUD/JPY is trading 0.39% higher on the day at 75.58 at 06:45 GMT.
The pair has broken above 21-EMA, scope for further gains.
Aussie bulls buoyed on risk-on triggered by US-China trade truce news and upbeat Chinese data.
Data published by China’s NBS showed that profits at China’s industrial firms in May rose 1.1 y/y vs. a 3.7% drop seen in April.
On the other side, risk-on mode after reports of a US-China trade truce dented demand for the Yen.
Technical indicators support further upside for the pair. 5-DMA has turned and Stochs and RSI are sharply higher.
Further, a 'Bullish Divergence' on RSI and Stochs on the daily charts adds to the upside bias.
Immediate resistance is seen at 55-EMA at 76.22. Break above finds next major resistance at cloud bottom at 77.15.
Failure to hold above 21-EMA to see weakness. Dip till 74.33 likely.
Support levels - 75.15 (21-EMA), 74.89 (5-DMA), 74.33 (June 24, 25 low)
Resistance levels - 76, 76.22 (55-EMA), 76.52 (38.2% Fib)
Recommendation: Good to go long on dips, SL: 75, TP: 76/ 76.25/ 76.50
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.