- AUD/JPY has broken major resistance levels trendline at 80.23 and 23.6% Fib at 80.11.
- The pair is currently trading at 80.53 after making highs of 80.69. Techs support further upside in the pair. We see scope for test of 81.31 (38.2% Fib).
- Aussie spikes on surprisingly positive Australia building consents data combined with upbeat current account and private sector credit data.
- Renewed risk-on which is supporting sentiment around the Asian equity markets and talks of possible delay in sales tax hike to weigh on the Yen.
- On the data front we have the crucial Australia GDP report and Chinese manufacturing PMI readings due tomorrow.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-struggles-at-21-DMA-7959-buy-breakout-above-214550) has hit all targets.
Recommendation: Book partial profits, raise trailing stops to 80, target 80.80/81/81.30
The material has been provided by InstaForex Company – www.instaforex.com