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FxWirePro: AUD/JPY grinds higher, breakout at 200-month MA to propel the pair higher

AUD/JPY chart - Trading View 

Spot Analysis:

AUD/JPY was trading 0.04% higher on the day at 84.28 at around 11:30 GMT.

Previous session High/Low: 84.41/ 83.88

Previous week High/Low: 84.46/ 83.03

Technical Analysis:

- GMMA indicator shows major trend is bullish and minor trend is turning bullish

- 200-month moving average is capping upside from the past 3 months

- Momentum is bullish, Stochs and RSI are biased higher, RSI is above the 50 mark

- MACD is on verge of bullish crossover on signal line

- Price action is above cloud and Chikou span is biased higher

Support levels - 83.86 (5-DMA), 83.78 (21-EMA), 82.84 (55-EMA)

Resistance levels - 84.70 (200-month MA), 85.45 (Mar high), 86

Summary: AUD/JPY pivotal at 200-month MA resistance. Watch out for decisive break above for upside continuation. 

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