FxWirePro: AUD/JPY extends bullish streak for the 7th consecutive week, outlook bullish

Chart - Courtesy Trading View 

Spot Analysis:

AUD/JPY was trading 0.34% higher on the day at 86.83 at around 07:05 GMT

Previous Week's High/ Low: 85.89/ 83.80

Previous Session's High/ Low: 86.61/ 85.01

Fundamental Overview:

Aussie buoyed after Australia Employment Change, Unemployment Rate both posted welcome numbers for February.

Australia’s headline Unemployment Rate dropped to 4.0%, below 4.1% expected and 4.2% prior.

The Employment Change rose past 37K market forecast and 12.9K previous readings to 77.4K.

Progress in Ukraine-Russia peace talks and recovery in China’s covid conditions support risk-on, aiding upside in the pair.

Technical Analysis:

- AUD/JPY extends bullish streak for the 7th consecutive week

- Price action has broken above 200-month MA

- GMMA shows major and minor trend are strongly bullish

- MACD and ADX support upside in the pair 

Major Support and Resistance Levels:

Support - 85.76 (5-DMA), Resistance - 88.12 (Feb 2018 high)

Summary: AUD/JPY was trading with a strong bullish bias. Monthly close above 200-MA will propel the pair higher. Scope for test of 89 levels.