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FxWirePro: AUD/JPY Daily Outlook

AUD/JPY chart - Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major and minor trend are bullish on the daily charts

- On the weekly charts, minor trend is strongly bullish, while major trend is turning bullish

Ichimoku Analysis

- Price action is above cloud on the daily and weekly charts 

- Chikou span is biased higher suggesting continuation of uptrend

Oscillators

- Oscillators are biased higher suggesting bullish momentum

Bollinger Bands

- Analysis of Bollinger bands suggests rising volatility which could carry the pair higher

Major Support Levels: 76.16 (5-DMA), 75.62 (nearly converged 21-EMA and 110W EMA), 74.90 (50-DMA)

Major Resistance Levels: 77.00 (Major Trendline), 78.81 (Upper W BB), 79.90 (200W MA)

Summary: AUD/JPY trades with a bullish bias. Breakout above weekly cloud and 110W EMA supports bullish bias. Major resistance seen at 77.00 (trendline), breakout will propel the pair higher. Scope for test of 78.80. 
 

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