AUDJPY extends up to the next targets

Technical Analysis

Author: Greg Michalowski | audjpy

100 hour MA broken. 200 hour MA tested

The price earlier tested the 100 hour MA earlier and after a respectful stall for an hour or so, the price broke above the level. The next target was the 200 hour MA at 77.259. The high reached 77.248 and backed off.  What makes this area potentially stronger, is that the 50% retracement of the move down from the November 30 high comes in a bit higher at 77.413.  That increases the areas importance (between 77.259 and 77.413).  


There should be some stall but also be aware that the push above the 100 hour MA was a bullish play (the last two efforts stalled at the level).  As a result, I would expect that buyers would buy against what was once resistance at the 0.76411 level. Dips should see buyers.

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