Buy AUD/JPY breakout above 83.60, target 85 Long

Australian Dollar/Japanese YenFXCM

Description

⋅ Mar 3, 2016 5:25 AM

AUD/JPY has broken above strong trendline resistance at 81.90 and is on track for test of major resistance at 83.60 levels.

A breakout above will target 85 levels and further bullishness could take it to 86.

Immediate support and resistance are located at 82.62 (session lows) and 83.60 (trendline).

Good to go long on breakout above 83.60, SL: 82.70, TP: 84/84.80/85

Trade closed: target reached

⋅ Mar 8, 2016 4:26 AM

The pair hit final targets in Monday's trade, and is showing some weakness post downbeat China trade data.

Correction could see further downside.