FxWirePro: AUD/JPY breaks above 110-EMA, on track to test 200-DMA at 82.21, stay long

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.