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FxWirePro: AUD/JPY struggles at 20-DMA, break above to target 78

  • AUD/JPY retakes the 77.00 handle amid recovering risk-on after and strong Chinese consumer sentiment data.
     
  • The pair still remains capped by 20-DMA currently at 77.25, break above can see further upside.
     
  • Major support levels - 76.85 (7-DMA), 76.81 (Sept 23 low), 76 (trendline)
     
  • Major resistance levels - 77.25 (20-DMA), 77.43 (50-DMA), 77.95 (100-DMA)
     
  • Break above 20-DMA at 77.25 likely to target 100-DMA at 77.95 levels. 
     
  • On the flipside, weakness to resume only on break below major trendline support at 76.15.

Recommendation: Good to go long on breakout above 77.30, SL: 76.80, TP: 77.95/ 78.60
 

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