FXWIREPRO: AUD/JPY Breaks Minor Trendline Resistance at 85.40, Good to Buy Dips
- RBA more cautious about talking down the AUD which partly disaapointed Aussie bears.
- Governor Steven’s comments had only a limited impact on the Aussie which has continued to strengthen taking AUD/JPY to session highs at 85.87.
- The pair has on Tuesday broken above minor trendline resistance at 85.40, but is struggling to extend gains on the day, Doji formation seen in the Asian session.
- Strong resistance for the pair is seen at 85.87 (Mar 17th high), breaks above can see upside till 86.35 levels.
- Weekly charts show bullish momentum for the pair, daily cloud offers strong support on the downside, weakness to resume only on breaks below cloud top at 84.15.
Recommendation: Good to buy dips around 85.50, SL: 85, TP: 85.87/86.15/86.35
The material has been provided by InstaForex Company - www.instaforex.com