- AUD/JPY edges higher on the day, extends break above 61.8% Fib at 88.03.
- Yen under renewed selling pressure after the latest comments from the Japanese officials.
- The pair has shown break of 'Symmetric Triangle' pattern on daily charts, technical studies support further upside.
- The major is on track to close above 200W SMA at 88.04, which raises scope for further upside.
- Scope now for test of 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), break there will see 90.30 levels.
- On the lower side, daily cloud at 87.32 is immediate support, break below to test 100-DMA at 87.14.
Support levels - 88.04 (200W SMA), 87.32 (cloud top), 87.14 (100-DMA), 87.07 (20-DMA)
Resistance levels - 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), 89.40 (trendline), 90.30 (2017 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963) has hit TP1/2.
Recommendation: Trail stop loss to 88.0, hold for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 151.49 (Bullish), while Hourly JPY Spot Index was at -81.8561 (Bearish) at 0930 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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