FxWirePro: AUD/JPY struggles at 87 handle, break above could see further upside

• AUD/JPY has held above daily cloud, and is extending break above 5-DMA.
   
• The pair has failed to close below 50-DMA which is major support on the downside.
   
• Technical indicators point to further gains, RSI holds above 50 level and daily stochs are biased higher. 
   
• MACD line is on the verge of a bullish crossover on signal line. 
   
• The pair is currently struggling to extend gains above major trendline resistance at 87. 
   
• Break above could see further upside, next immediate resistance above 87 lies at 87.48 (March 2 high).

Support levels - 86.53 (5-DMA), 86.26 (50-DMA), 85.85 (cloud top)

Resistance levels - 87 (trendline), 87.48 (March 2 high), 88

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Neutral               Neutral       
1D          Neutral               Neutral        
1W         Neutral               Neutral
     
Recommendation: Good to go long on break above 87, SL: 86.40, TP: 87.50/ 88/ 88.15

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 120.953(Highly bullish), while Hourly JPY Spot Index was at -165.312 (Highly bearish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.