Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/JPY struggles at 21-DMA 79.59, buy breakout above

  • AUD/JPY has broken major trendline resistance at 79.25, and edged higher to test session highs at 79.60.
     
  • Pair struggling to extend gains further, 21-DMA at 79.59 is capping upside. Break above needed for further upside.
     
  • On the flipside, close below 79.25 could see downside upto 78.40 (trendline).
     
  • Upbeat sentiment around the Asian equity markets and talks of possible delay in sales tax hike weighing on the Yen.
     
  • Data released earlier today showed Aussie home sales dropped to from 8.9% to -4.7% in April. AUD/JPY unlikely to find much support.
     
  • Technically, intraday charts support upside, RSI and Stochs have a slight upside bias.
     
  • Next major support and resistance for the pair are seen at 79.27 (5-DMA) and 79.96 (May 20th highs) respectively.

Recommendation: Buy breakout above 79.60, SL: 79.25, TP: 79.95/90/80.45
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.