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Long

AUD/JPY extends gains above 85 handle, short-term bias higher

FX:AUDJPY   Australian Dollar / Japanese Yen
132 0 4
AUD/JPY             extends rangebound between 84.00 and 86.38 March 13th high, while short-term bias remains bullish .

Renewed optimism on the Asian equities alongside a recovery in gold             and copper             prices underpin the sentiment around the resource-linked Aussie.

While the Japanese yen             remains weak on the back of risk-on rally in the Japanese stocks.

AUD/JPY             trades a rising triangle pattern on daily charts , while on the weeklies a falling channel pattern is evidenced.

Short-term bias for the pair is higher, upside scope lies till 86.40, breaks above could then see test of 86.70 and 87 levels.

On the downside, strong support lies at 84.40 (rising trendline ) and then at 84.12 (Mar 21st low).

Good to buy dips around 85.40, SL: 85, TP: 85.85/86/86.40
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