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AUD/JPY chart on Trading View used for analysis
- AUD/JPY trades with a bullish momentum, trades 1.19% higher on the day at 80.82 at the time of writing.
- Aussie buoyed after robust trade balance data released earlier today.
- The antipodean also helped by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level.
- Technical analysis also supports bullish bias, pair eyes 110-EMA at 81.2718. Price action is above 21-EMA and 5-DMA has turned north.
- Stochs and RSI have turned higher and MACD is showing a bullish crossover on signal line.
- We also evidence 'Bullish Divergence' on RSI and Stochs which adds to the bullish bias.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1451097) is approaching TP2.
Recommendation: Bias higher. Book partial profits. Hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
