FxWirePro: AUD/JPY retraces dip below 20-DMA, hovers around 23.6% Fib, bias higher

• AUD/JPY rejected at session lows at 81.97, edges higher to currently trade at 82.53 levels.
   
• The pair has retraced brief dip below 20-DMA which is strong support at 82.07.
   
• Technical studies are biased higher and we see weakness only on break below 20-DMA.
   
• Momentum indicators are bullishly aligned and we see bullish divergence on RSI and Stochs which keeps scope for further upside.
   
• Price action hovers around 23.6% Fib and next bull target lies at 50-DMA at 83.63.

Support levels - 82.07 (converged 5 and 20 DMA), 81.25 (Mar 19, Apr 4 low), 80.50 (Mar 23 low)

Resistance levels - 83, 83.63 (50-DMA), 83.78 (38.2% Fib)

Recommendation: Good to go long above 82.53, SL: 82, TP: 83/ 83.60/ 83.80

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 119.591 (Bullish), while Hourly JPY Spot Index was at -127.647 (Bearish) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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