AUD/JPY on the verge of a breakout, 88/89 levels to watchout

FX:AUDJPY   Australian Dollar / Japanese Yen
Our AUD/JPY short call (link below) has reached targets, we advise booking full profits

Ascending triangle pattern seen on AUD/JPY charts, the pair has been making successively higher lows and is narrowing down for a breakout

On the day, the pair has tested trendline resistance at 88.04 and bounced back, is currently trading at 88.32, further weakness can be seen only on breaks below 88, pair could then test 87. 40

For now the pair has taken trendline support at 88.04 and edged higher, but strong resistance is located at 89 levels ( Double top 19,25 Nov, trendline), bullishness only on breaks above, 90.22 (July 27 high next bull target)

Price action remians above the daily cloud and Tenkan-Kijun are positively aligned, RSI on dailies is above 50

Watchout for 88/89 levels in the pair, breaks on either side would determine further direction

Resistance Levels:

R1: 88.44 (10 DMA)

R2: 88.65 (5 DMA)

R3: 89 ( Double top 19,25 Nov, trendline)

Support Levels:

S1: 88.04 (Session low, Trendline support)

S2: 87.77 (Nov 18 low)

S3: 87.38 (Nov 17 low)


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