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Long

AUD/JPY breaks above daily cloud, targets 200-DMA at 87.32

FX:AUDJPY   Australian Dollar / Japanese Yen
142 0 6
Daily cloud was strong resistance for AUD/JPY             upside, price action in the pair has now has broken above the cloud.

Upside has extended above the 85.70 levels which is is 61.8% Fib retracement of 90.725 to 77.582 fall.

Momentum is higher, RSI strength seen at 64 levels, and major moving averages are biased higher.

Pair finds next resistance at 87.32 (200-DMA), then 87.50 (Oct 15th highs) and then at 87.91 (78.6% Fib retracement of 90.725 to 77.582 fall).

5-DMA at 85.05 is immediate support on the downside, ahead of cloud base at 84.96 and then 10-DMA at 84.25.

Good to buy dips around 86 levels, SL: 85, TP: 87.50/87.91/88.50
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