Long AUD/JPY on 'Bullish Divergence' & 20-DMA break
AUD/JPY has shown a breakout at 20-DMA raising scope for further upside.
Technical studies are biased higher. RSI has shown a rollover from oversold levels.
Stochs are biased higher and MACD is showing a bullish crossover on signal line.
Further, we see bullish divergence on Stochs which raises scope for further upside in the pair.
Next immediate resistance lies at 55-EMA at 85.23, break above targets 50-DMA at 86 levels.
On the flipside, 20-DMA is strong support at 83.60. Break below eyes 5-DMA at 83.30.
Support levels - 83.60 (20-DMA), 83.30 (5-DMA), 83
Resistance levels - 84.39 (38.2% Fib), 85, 86 (50-DMA)
Good to go long on dips around 83.65/75, SL: 83.25, TP: 84.40/ 85/ 85.30/ 86.
Technical studies are biased higher. RSI has shown a rollover from oversold levels.
Stochs are biased higher and MACD is showing a bullish crossover on signal line.
Further, we see bullish divergence on Stochs which raises scope for further upside in the pair.
Next immediate resistance lies at 55-EMA at 85.23, break above targets 50-DMA at 86 levels.
On the flipside, 20-DMA is strong support at 83.60. Break below eyes 5-DMA at 83.30.
Support levels - 83.60 (20-DMA), 83.30 (5-DMA), 83
Resistance levels - 84.39 (38.2% Fib), 85, 86 (50-DMA)
Good to go long on dips around 83.65/75, SL: 83.25, TP: 84.40/ 85/ 85.30/ 86.
Comment:
TP 1 hit. Bias higher.