FXWIREPRO: AUD/JPY Breaks Minor Trendline Resistance at 85.40, Good to Buy Dips

FXWIREPRO: AUD/JPY Breaks Minor Trendline Resistance at 85.40, Good to Buy Dips

23 March 2016, 06:35
Roberto Jacobs
0
20

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

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