- The Japanese Yen is the worst performing currency in Asia, following the OPEC output limit deal.
- AUD/JPY has broken 20-DMA resistance at 77.27 on Wednesday.
- Momentum studies are bullish, RSI is at 58 levels and biased north. We see scope for test of 78.70 levels.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-struggles-at-20-DMA-break-above-to-target-78-321687) has hit TP1.
- Major support levels - 77.41 (50-DMA), 77.27 (20-DMA), 77, 76.95 (10-DMA)
- Major resistance levels - 78 (trendline), 78.17 (session high), 78.60 (Sept 8 high)
Recommendation: Book partial profits, raise trailing stops to 77.20, hold for targets.
Fresh longs can be entered on dips around 77.50, SL: 77.20, TP: 78/ 78.20/ 78.60
