FXWIREPRO: AUD/JPY Bounces Off Strong Trendline Support at 80.75, Good to Buy Dips

FXWIREPRO: AUD/JPY Bounces Off Strong Trendline Support at 80.75, Good to Buy Dips

• 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 83 ahead of 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.
  

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

The material has been provided by InstaForex Company - www.instaforex.com