FxWirePro
Long

AUD/JPY struggles at 21-DMA 79.59, buy breakout above

FX:AUDJPY   Australian Dollar/Japanese Yen
179 0 9
AUD/JPY             has broken major trendline resistance at 79.25, and edged higher to test session highs at 79.60.

Pair struggling to extend gains further, 21-DMA at 79.59 is capping upside. Break above needed for further upside.

Upbeat sentiment around the Asian equity markets and talks of possible delay in sales tax hike weighing on the Yen.

Data released earlier today showed Aussie home sales dropped to from 8.9% to -4.7% in April             . AUD/JPY             unlikely to find much support.

Technically, intraday charts support upside, RSI and Stochs have a slight upside bias.

Next major support and resistance for the pair are seen at 79.27 (5-DMA) and 79.96 (May 20th highs) respectively.

Good to buy breakout above 79.60, SL: 79.25, TP: 79.95/80/80.45

On the flipside, close below 79.25 could see downside upto 78.40 ( trendline ).
Trade closed: target reached
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