AUD/JPY has been trading within a channel on the hourly charts.
- Our previous call on the pair (http://www.econotimes.com/FxWirePro-AUD-JPY-struggles-to-takeout-8200-resistance-sell-rallies-target-8046-168453) has hit all targets.
- We advise booking full profits and exiting the trade.
- Price action has bounced off trendline support at 79.82 and edged higher.
- We see Stochs on the hourlies have rolled over from oversold territory with a bullish crossover.
- RSI has also rolled over from oversold zone and is biased higher.
- MACD histogram shows slowdown in downside momentum, a crossover of the MACD line over signal line will give further confirmation.
Recommendation: Good to buy dips around 80.20/25, SL: 79.60, TP: 80.80/ 81.30
