FxWirePro: AUD/JPY Holds Above Cloud Base at 82, Break Below Could Test 81.30
- AUD/JPY extends slump post BoJ surprise to hit fresh 3-week lows at 81.73.
- The pair finds strong support at 82 levels which is a psychological barrier and daily cloud base.
- If the pair sees a clear break below 82 levels we see scope for test of 81.30 (trendline).
- Our previous call (http://www.econotimes.com/FxWirePro-JPY-strengthens-across-the-board-as-BoJ-stands-pat-sell-AUD-JPY-rallies-target-8175-201350) has hit all targets.
- Daily charts suppoort further downside, but we do not see confirmation on weeklies.
- We advise risk averse to book full profits in the pair. Else you can book partial profits, lower trailing stops to 82.50, target 81.30.
The material has been provided by InstaForex Company - www.instaforex.com