FxWirePro: AUD/JPY edges higher from session lows, on track to test 200-DMA at 72.09

AUD/JPY chart - Trading View 

AUD/JPY has erased early losses and has edged higher from session lows at 71.22.

The pair was trading 0.09% higher on the day at 71.57 at around 08:20 GMT, scope for further upside.

Price action is extending bounce off 110-EMA support and is on track to test 200-DMA at 72.09.

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

Momentum indicators support gains. RSI is above 60 and biased higher. Volatility is rising as evidenced by widening Bollinger bands.

Next major hurdle for bulls aligns at 200-DMA at 72.09. Decisive break above will propel the pair higher.

On the flipside, 110-EMA is strong support at 70.32. Failure to hold above will see minor weakness.

Support levels - 70.88 (5-DMA), 70.32 (110-EMA), 69.42 (55-EMA)

Resistance levels - 72.09 (200-DMA), 72.60 (76.4% Fib), 72.78 (55W EMA)