AUD/JPY on track to test 100-DMA, stay long
AUD/JPY edges lower from 1-month highs at 84.53, bias higher.
The pair trades with a bullish bias, is on track to test 100-DMA at 85.31.
Technical indicators support upside, we recommend going long on dips.
Break above initial resistance by 100-DMA at 85.31 could see test of 86.25 (major trendline resistance).
We see bearish reversal only on break below major trendline support at 82 level.
Support levels: 84.04 (38.2% Fib retrace of 88.17 to 81.48 fall), 83.60 (5-DMA), 82.92 (20-DMA)
Resistance levels: 85, 85.31 (100-DMA), 85.62 (61.8% Fib), 86.25 (trendline resistance)
Good to go long on dips around 84.25, SL: 83.60, TP: 85/ 85.30/ 85.60
The pair trades with a bullish bias, is on track to test 100-DMA at 85.31.
Technical indicators support upside, we recommend going long on dips.
Break above initial resistance by 100-DMA at 85.31 could see test of 86.25 (major trendline resistance).
We see bearish reversal only on break below major trendline support at 82 level.
Support levels: 84.04 (38.2% Fib retrace of 88.17 to 81.48 fall), 83.60 (5-DMA), 82.92 (20-DMA)
Resistance levels: 85, 85.31 (100-DMA), 85.62 (61.8% Fib), 86.25 (trendline resistance)
Good to go long on dips around 84.25, SL: 83.60, TP: 85/ 85.30/ 85.60