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Long

AUD/JPY bounces off trendline support at 80.75, good to buy dips

FX:AUDJPY   Australian Dollar/Japanese Yen
155 0 3
AUD/JPY             has taken strong trendline support at 80.75 and has edged higher to currently trade at 82.62.

Momentum studies on the daily charts have turned bullish , Stochs has shown a bullish crossover from oversold levels and RSI has bounced off from near 30 levels.

Pair has broken above 5-DMA at 82.16, weakness only below 80.90 (trendline support).

Upside finds immediate resistance at 82.90 (cloud base), 83 and then 83.27 (Jan 26th highs).

Upbeat NAB Business Confidence survey supports Aussie bulls, also a rebound in the USD/JPY             adds to gains in AUD/JPY             .

Focus now remains on the Chinese trade balance and GDP figures due later this week, while the Aus jobs report will be also closely watched for fresh cues on RBA’s policy outlook.

Good to buy dips around 82.55/60, SL: 81.80, TP: 83/83.50/83.80
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