- AUD/JPY has failed to close below 50-DMA which is major support on the downside.
- Near-term bias is higher, Technical studies point to further upside in the pair.
- RSI and Stochs are biased higher, MACD is on the verge of a bullish crossover on signal line.
- The pair finds major trendline resistance at 87 levels, break above could see further upside.
- Support levels - 86.43 (5-DMA), 86.22 (50-DMA), 85.77 (cloud top)
- Resistance levels - 87 (trendline), 87.48 (March 2 high), 88
- Recommendation: Good to go long on break above 87, SL: 86.40, TP: 87.50/ 88/ 88.15
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 106.847(Highly bullish), while Hourly JPY Spot Index was at -46.8744 (Neutral) at 1020 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
