AUD/JPY has broken major resistance at 83.15, we see scope for further upside.
Aussie buoyed after stellar Australia’s labour market report.
The pair has taken out major trendline resistance at 83.15 levels.
Technical studies are biased higher, RSI and Stochs point north. Next target for bulls is 84.04 (38.2% Fib of 88.17 to 81.486 fall).
Downside is holding above 20-DMA support at 82.90 and we see weakness only on break below.
Support levels - 82.87 (20-DMA), 82.81 (5-DMA), 81.80 (trendline)
Resistance levels - 83.09 (200-DMA and 23.6% Fib), 83.61 (cloud base), 84.04 (38.2% Fib)
Good to go long on dips around 83 levels, SL: 82.50, TP: 83.60/ 84/ 84.50
Aussie buoyed after stellar Australia’s labour market report.
The pair has taken out major trendline resistance at 83.15 levels.
Technical studies are biased higher, RSI and Stochs point north. Next target for bulls is 84.04 (38.2% Fib of 88.17 to 81.486 fall).
Downside is holding above 20-DMA support at 82.90 and we see weakness only on break below.
Support levels - 82.87 (20-DMA), 82.81 (5-DMA), 81.80 (trendline)
Resistance levels - 83.09 (200-DMA and 23.6% Fib), 83.61 (cloud base), 84.04 (38.2% Fib)
Good to go long on dips around 83 levels, SL: 82.50, TP: 83.60/ 84/ 84.50
Comments by BOJ Governor Kuroda, reassuring unwillingness to start discussing exit strategy before reaching the 2.0% target, was seen weighing heavily on the Japanese Yen.
Bulls in AUD/JPY take out 38.2% Fib at 84.04. Next target for bulls is 85.62 (61.8% Fib of 88.17 to 81.486 fall).
Bullish invalidation only below 200-DMA at 83.20.