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Fan Yang

AUD/JPY Stalls at Key Support

Last week, we saw AUD/JPY approach a key support area around 82.00. Since then, price has indeed stalled around here. A bullish swing might follow.

AUD/JPY Daily Chart

(click to enlarge)

Support and Upside:
- There is a rising trendline, the 200-day simple moving average (SMA), and a previous resistance pivot in the 81-82 area. Also the RSI was below 30 in a bullish market (bullish since July 2016). These are all reasons to anticipate at least some short-term support here.
- Indeed price found support just below 82.00.
- Note that the initial reaction pushed price to 82.85, but price has been held below that since. 
- If price can push above 82.85 this week, we should see it test the next pivot around 84.00.
- I would limit the bullish outlook for now to 86. There are a lot of resistance factors around this pivot. 

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