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Long

AUD/JPY extends rebound from 4-year low, good to go long for 79

FX:AUDJPY   Australian Dollar / Japanese Yen
192 0 11
AUD/JPY             is extending rebound from 4-year low of 77.51 (levels unseen since June 4th 2012) hit on Tuesday.

A renewed risk-on wave appears to grip the markets amid a minor pull back seen in the Asian equities, halting JPY upside.

The pair has broken above trendline resistance and major psychological levels at 78 and finds major support on 4H charts at 77.90.

4H 10-SMA at 78.16 is immediate support on the downside, while next hurdle on the upside is seen at 78.56 (June 14th high).

Techs on 4H charts support upside, Stochs have rolled over from oversold region and RSI is biased higher.

We see a bullish MACD line crossover on the signal line. Upside till 79.17 ( 20-DMA             ) likely.

Good to buy dips around 78.40, SL: 77.90, TP: 78.80/ 79/ 79.15
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