FxWirePro: AUD/JPY sees major resistance at 83.60, buy breakout above, target 85
Thursday, March 3, 2016 5:22 AM UTC
- AUD/JPY has broken above strong trendline resistance at 81.90 and is on track for test of major resistance at 83.60 levels.
- A breakout above will target 85 levels and further bullishness could take it to 86.
- Immediate support and resistance are located at 82.62 (session lows) and 83.60 (trendline).
- Our previous call for AUD/JPY (http://www.econotimes.com/FxWirePro-AUD-JPY-breaks-trendline-resistance-at-8190-test-of-8360-likely-171055) is approaching targets.
- We are long from 81.90 levels, book partial profits, good to hold for further upside, raise trailing stops to 82.70 (cloud base).
- Fresh longs can be initiated on breakout above 83.60, SL: 82.70, TP: 84/84.80/85
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