FxWirePro Currency Strength Index for AUD/JPY: Bias Bullish
FxWirePro's Hourly AUD Spot Index was at 108.103 (Bullish)
FxWirePro's Hourly JPY Spot Index was at -96.5242 (Bearish)
Technical Analysis: Bias Bullish
- Breaks above daily cloud
- Bounces off major trendline support at 81 levels
- Downside finds strong support at 21-EMA
- Stochs and RSI biased higher
- MACD is on verge of bullish crossover on signal line
Fundamental Factors:
- Australia retail sales arrived at +0.4% m/m, beating expectations at +0.3%.
- Further, Australia ANZ Job Advertisements increased to 1.5% in May from previous -0.2%.
- Focus now on the Reserve Bank of Australia’s (RBA) monetary policy decision, scheduled to be held on Tuesday.
Support levels - 82.90 (55-EMA), 82.73 (21-EMA), 82.57 (5-DMA)
Resistance levels - 83.67 (110-EMA), 84, 84.48 (May 22 high)
Recommendation: Good to go long on break above 110-EMA, SL: 82.70, TP: 84/ 84.45/ 85/ 85.45
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