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AUD/JPY chart on Trading View used for analysis
- AUD/JPY tests 21-EMA at 79.98, break above to see further upside.
- The pair has spiked 0.92% on the day and is trading at 80.00 at the time of writing.
- Technical indicators have turned bullish and we see scope for further upside.
- Stochs and RSI have turned higher and MACD is on verge of bullish crossover on signal line.
- We also evidence 'Bullish Divergence' on RSI and Stochs which adds to the bullish bias.
- Breakout at 21-EMA eyes 55-EMA at 80.57 ahead of daily cloud at 80.61. Rejection at 21-EMA could see weakness till 78.56.
- Investors look forward to BoJ on Wednesday for fresh directional impetus.
Support levels - 79.48 (5-DMA), 78.90 (lower BB), 78.56 (Oct 26 low)
Resistance levels - 80.57 (55-EMA), 81.30 (110-EMA), 82.31 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
