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FxWirePro: AUD/JPY holds 21-EMA support, set to resume upside
AUD/JPY chart - Trading View
AUD/JPY was consolidating previous session's gains, hovers around 20-DMA.
The pair was trading 0.33% lower on the day at 74.25 at around 10:20 GMT after closing 0.93% higher in the previous session.
The pair trades above 200-DMA and daily cloud and major trend is bullish as evidenced by GMMA indicator.
Price action has bounced off strong support at 21-EMA and major trendline. Scope for upside resumption.
Momentum studies are bullish. Stocks have rolled over from near oversold levels and RSI holds above 50.
Next major hurdle lies at upper BB at 76.07, while break below 21-EMA can see dip till 200-DMA.
Major Support - 73.5- (21-EMA); Major Resistance - 76.07 (Upper BB)