Strong support for AUD/JPY at 86.20, good to buy dips
AUD/JPY has been trading within a rising channel since Sept 2015
The pair has held baseline support in Friday's trade and edged higher, retrace upto 87.94 (38.2% Fib of 90.72-86.21 fall) likely
RSI on 4H is at 45 and has room to run, Stochs have also rolled over from oversold levels, further gains likely
On daily charts, price action has edged above cloud top at 86.97, with next hurdle on the upside aligned at 87.42 (5 DMA), and immediate minor support at 86.50 and then at 86.20
Recommendation: Good to buy dips around 86.70, SL: 86.20, TP: 87.90
The pair has held baseline support in Friday's trade and edged higher, retrace upto 87.94 (38.2% Fib of 90.72-86.21 fall) likely
RSI on 4H is at 45 and has room to run, Stochs have also rolled over from oversold levels, further gains likely
On daily charts, price action has edged above cloud top at 86.97, with next hurdle on the upside aligned at 87.42 (5 DMA), and immediate minor support at 86.50 and then at 86.20
Recommendation: Good to buy dips around 86.70, SL: 86.20, TP: 87.90