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FxWirePro: AUD/JPY grinds higher after 'Symmetric Triangle' breakout, good to go long on dips

  • AUD/JPY has resumed upside after brief consolidation after break at 'triangle top'.
     
  • The pair has shown a decisive break of 'Symmetric Triangle' pattern and bias remains higher.
     
  • Technical studies support further upside. RSI strong above 70, momentum highly bullish. ADX is above 25 and rising with +ve DMI dominance.
     
  • Next immediate resistance lies at 88.03 (61.8% Fib retrace of 90.305 to 84.349 fall).
     
  • On the lower side, 100-DMA at 87.02 is immediate support, we see bullish invalidation on break below.

Support levels - 87.34 (5-DMA), 87.02 (100-DMA), 86.75 (Triangle top)

Resistance levels - 88.03 (61.8% Fib retrace of 90.305 to 84.349 fall), 88.31 (Oct 13 high), 89.03 (78.6% Fib)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-edges-lower-from-4-week-highs-at-8649-bias-higher-good-to-go-long-on-dips-1058745) has hit TP 1/2.

Recommendation: Book partial profits on the previous call, trail stop loss to 87, hold for 88/ 88.30/ 89.

We also recommend long entry on dips around 87.40/50, SL: 86.75, TP: 88/ 88.30/ 89.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 70.9961 (Neutral), while Hourly JPY Spot Index was at -10.1387 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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