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FxWirePro: AUD/JPY hovers around 200-DMA, good to go long on close above

AUD/JPY chart on Trading View used for analysis

  • Antipodeans picked up bid in early Asian session on comforting comments from U.S. president Trump which eased US-China trade tensions.
     
  • Trump said that he would intervene in the Huawei CFO case if it would help him reach a trade deal with China and boost national security. 
     
  • He said that negotiations are happening and expressed readiness to meet President Xi Jinping again if required.
     
  • The pair is extending gains for the 3rd straight session. Pauses upside at 200-DMA at 81.84.
     
  • Decisive break above will see further upside. Next major resistance lies at 82.58 (38.2% Fib).
     
  • On the flipside, rejection at 200-DMA and break below 5-DMA will see test of Wedge Base at 80.95.

Support levels - 81.52 (5-DMA), 80.95 (Wedge base), 80.72 (Dec 10 low)

Resistance levels - 82, 82.58 (38.2% Fib), 83 

Recommendation: Good to go long on decisive break above 200-DMA, SL: 81.50, TP: 82/ 82.55/ 83

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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