- AUD/JPY hits new weekly high of 78.98, intraday bias is higher.
- Commodity currencies remain supported by broadly weaker dollar and rising commodity prices.
- Markets remain nervous heading into the EU’s membership polls beginning 6 GMT onwards.
- AUD/JPY has edged lower after hitting highs of 78.98, has broken major trendline resistance at 78.35.
- Momentum studies are bullish, RSI and stochs are biased higher. We see a bullish MACD crossover on signal line.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-finds-major-resistance-at-7835-go-long-on-breakout-above-225008) has achieved TP1&2.
Recommendation: Book partial profits, raise stops to 78, hold for targets.
