FxWirePro: AUD/JPY Faces Strong Resistance at 80.75, Good to Sell on Rallies
- Major resistance – 80.72 (10 day EMA)
- AUD/JPY has jumped after making a low of 78.17 on May 6th 2016. But the upside has been capped by 10 day EMA .It is currently trading around 79.85.
- Minor trend is weak as long as resistance 80.72 holds. Any indicative break above 80.72 will take the pair to next level till 81.30/82.27/83.
- On the lower side major support is around 79.50 and any break below targets 78.95/78 in short term.
It is good to sell on rallies below 80 with SL around 80.75 for the TP of 79/78.10