FxWirePro: AUD/JPY pauses upside at daily cloud, bias higher, 110-EMA in sight

AUD/JPY chart on Trading View used for analysis

• AUD/JPY trades with a bullish momentum, trades 1.19% higher on the day at 80.82 at the time of writing.
   
• Aussie buoyed after robust trade balance data released earlier today.
   
• The antipodean also helped by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level.
   
• Technical analysis also supports bullish bias, pair eyes 110-EMA at 81.2718. Price action is above 21-EMA and 5-DMA has turned north. 
   
• Stochs and RSI have turned higher and MACD is showing a bullish crossover on signal line. 
   
• We also evidence 'Bullish Divergence' on RSI and Stochs which adds to the bullish bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1451097) is approaching TP2.

Recommendation: Bias higher. Book partial profits. Hold for further upside.

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