FX:AUDJPY   Australian Dollar / Japanese Yen
AUD/JPY Technical Analysis: Bias Bullish
- Breaks above 110-EMA at 83.12 and major trendline resistance at 83.35
- Holds above 5-DMA support at 83.11, price action edges above daily cloud
- Momentum bullish , RSI strong above 60, bias higher, Bollinger bands are widening
- +ve DMI dominance, ADX rising in support of uptrend

Support levels - 83.13 (converged 5-DMA and 110-EMA), 82.50 (100-DMA), 82
Resistance levels - 83.78 (38.2% Fib), 84, 84.60 (200-DMA), 84.79 (50% Fib)

Good to go long around 83.50, SL: 83, TP: 83.80/ 84/ 84.50

Comments

i'm sorry but how can u speak of a Major trendline if it has only 1 connection point. U could have drawn over the previous bounces as well and mention the same thing.

As clearly visible on the chart this pair has been ranging for the last couple of months and i have every intention of trading it as a range instead of a breakout. Wish u all the best, no harm meant with my comment!:) cheers!
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