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AUD/JPY chart - Trading View
AUD/JPY was trading 1.39% higher on the day at 67.38 at around 08:00 GMT, bias is bullish.
The pair is extending break above 21-EMA with scope for further upside as the bid tone around the Aussie dollar strengthened.
Aussie buoyed after the Reserve Bank of Australia's (RBA) status quo policy decision. While risk-on dents JPY.
The RBA kept benchmark interest rate unchanged at 0.25%, as expected and retained the yield curve control program launched last month.
The bank added that the size and the frequency of the bond purchases will likely be reduced if conditions improve.
AUD/JPY near-term bias has turned bullish after breakout at 21-EMA. 5-DMA has turned and stochs and RSI are biased higher.
Failure to hold above 21-EMA will negate any bullish bias. 5-DMA is immediate support at 65.82. Retrace below will see bearish continuation.
Support levels - 66.61 (21-EMA), 65.82 (5-DMA), 65.56 (20-DMA)
Resistance levels - 68.13 (Upper BB), 69.19 (55-EMA), 70.17 (61.8% Fib)
Guidance: Good to go short on dips, SL: 66.60, TP: 68/ 69.20/ 70
