AUD/JPY capped at trendline resistance - 84.80, bias higher
AUD/JPY faces rejection at major trendline resistance at 84.80, bias higher.
The pair is trading in a symmetric triangle pattern and break above 84.80 will likely see test of 85.62 (61.8% Fib of 88.17 to 81.48 fall).
On the flipside, we see strong support at 83 levels which is converged 23.6% Fib and 20-DMA.
Weakness only on break below 83 levels. Next major support below 83 lies at 81.10 (trendline).
Markets focus on RBA June monetary policy meeting minutes scheduled to be released on June 20 for further direction.
Meanwhile, RBA Gov Philip Lowe said that he remains optimistic about the economic and financial condition of the country in the foreseeable future.
However, Lowe warned that political opposition to reform could condemn Australia to a slowdown in growth.
Support levels - 84.04 (38.2% Fib of 88.17 to 81.48 fall), 83.83 (5-DMA), 83.07 (23.6% Fib and 20-DMA)
Resistance levels - 84.80 (trendline), 84.83 (50% Fib), 85, 85.62 (61.8% Fib)
Good to go long on break above 84.85, SL: 84.40, TP: 85/ 85.60/ 85.75/ 86
The pair is trading in a symmetric triangle pattern and break above 84.80 will likely see test of 85.62 (61.8% Fib of 88.17 to 81.48 fall).
On the flipside, we see strong support at 83 levels which is converged 23.6% Fib and 20-DMA.
Weakness only on break below 83 levels. Next major support below 83 lies at 81.10 (trendline).
Markets focus on RBA June monetary policy meeting minutes scheduled to be released on June 20 for further direction.
Meanwhile, RBA Gov Philip Lowe said that he remains optimistic about the economic and financial condition of the country in the foreseeable future.
However, Lowe warned that political opposition to reform could condemn Australia to a slowdown in growth.
Support levels - 84.04 (38.2% Fib of 88.17 to 81.48 fall), 83.83 (5-DMA), 83.07 (23.6% Fib and 20-DMA)
Resistance levels - 84.80 (trendline), 84.83 (50% Fib), 85, 85.62 (61.8% Fib)
Good to go long on break above 84.85, SL: 84.40, TP: 85/ 85.60/ 85.75/ 86
