FxWirePro: AUD/JPY breaks above 110-EMA, outlook bullish

AUD/JPY chart - Trading View 

AUD/JPY has broken above 110-EMA resistance, raising scope for further upside.

The pair was trading 0.18% higher on the day at 70.506 at around 06:20 GMT, after closing 0.52% higher in the previous session.

Analysis of GMMA indicator shows minor trend is strong bullish, while major trend is turning bullish.

Price action has edged above daily cloud and momentum studies are bullish. RSI above 50 supports uptrend.

Next major bull target lies at 200-DMA at 72.11. Break above will change major trend to bullish. 

On the flipside, 21-EMA is strong support at 69.17. Retrace below will negate bullish bias.

Major Support Levels: 

• S1: 70.26 (110-EMA)
• S2: 69.76 (5-DMA)
• S3: 69.17 (21-EMA)

Major Resistance Levels: 

• R1: 72.11 (200-DMA)
• R2: 72.83 (55W EMA)
• R3: 72.97 (78.6% Fib)

Summary: Technical indicators are favourable for further gains. The pair has broken above 110-EMA and 61.8% Fib resistance. Little resistance seen till 200-DMA at 72.11.