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AUD/JPY chart on Trading View used for analysis
- AUD/JPY spikes past 110-EMA to hit 4-week highs at 81.94, bias higher.
- Aussie ignores soft retail sales data, extends gains after upbeat PPI data.
- Monthly retail sales rose 0.2%, slightly lower than the consensus forecast of 0.3%.
- On the other side, Australia's quarterly Producer Price Index clocked in at 0.8%, beating the 0.2% forecast and over the previous quarter's 0.3%.
- Technical studies are bullish. Next bull target lies at 200-DMA at 82.21. Further bullishness only on break above.
- On the downside, we see weakness on close below 110-EMA.
Support levels - 81.28 (110-EMA), 80.50 (5-DMA)
Resistance levels - 82, 82.21 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1451097) has hit all targets.
Recommendation: Good to go long on dips, SL: 81.25, TP: 82/ 82.20
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
