Good to buy AUD/JPY dips, 83.60 next likely target
AUD/JPY is extending recovery from multi-year lows at 79.21, however upside seems to have stalled at 82.80.
Momentum indicators have turned positive for the pair:
-Stochs have rolled over from oversold territory with a bullish crossover
- MACD line shows a bullish crossover on the signal line
- RSI have nicely bounced-off 30 levels and biased higher
82 is strong support for the pair on the downside, breaks below could take the pair to 80.20 levels
FOMC and BoJ up next week are major risk events for the pair.
We would go long in the pair around 82.50, SL: 81.80, TP: 83.40/60
Momentum indicators have turned positive for the pair:
-Stochs have rolled over from oversold territory with a bullish crossover
- MACD line shows a bullish crossover on the signal line
- RSI have nicely bounced-off 30 levels and biased higher
82 is strong support for the pair on the downside, breaks below could take the pair to 80.20 levels
FOMC and BoJ up next week are major risk events for the pair.
We would go long in the pair around 82.50, SL: 81.80, TP: 83.40/60
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