FxWirePro: AUD/JPY holds 110-EMA support, outlook bullish

AUD/JPY chart - Trading View 

AUD/JPY was trading 1.22% higher on the day at 71.32 at around 10:20 GMT.

The pair is extending gains for the 2nd straight session after downside held support at 110-EMA.

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

Momentum indicators support gains. RSI is above 60 and biased higher which is strong support for upside.

Price action is above cloud and 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 immediate support at 70.30. Failure to hold above will see minor weakness.

Support levels - 70.72 (5-DMA), 70.30 (110-EMA), 69.33 (55-EMA)

Resistance levels - 72.09 (200-DMA), 72.60 (76.4% Fib), 72.77 (55W EMA)

Guidance: Good to go long on dips, SL: 70.25, TP: 72/ 72.50