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FxWirePro: AUD/JPY extends 7-day winning streak, bullish momentum to continue

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.10% higher on the day at 78.19 at around 11:05 GMT, outlook remains bullish.

The pair is on a bull run since March lows of 59.86 and is currently extending a 7-day winning streak.

Upbeat China data which strengthen expectations of recovery in the world's second largest economy bode well for the antipodeans.

Upside in the pair is also supported by bullish technical studies. Rising volatility and strong bullish momentum to carry prices higher.

The pair trades above weekly cloud after a long time (last seen in Feb 2018). Chikou span is biased higher.

Immediate hurdle for the bulls lies at 61.8% Fib at 78.67. Decisive break above will see test of 200W MA at 79.86.

On the flipside, pullbacks have found strong support at 21-EMA at 76.58. Break below could see further downside. Bullish invalidation only below 200-DMA. 
 

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