Technical Analysis of AUD/JPY for May 11, 2016
AUD/JPY formed a massive support area around 79.80, while on the top there is strong resistance around 86.00 and AUD/JPY is clearly ranging between these levels.
The RSI oscillator formed a bullish divergence on the 4H time frame and the pair is currently trading right in the support area. This could be the signal the pair is about to go up to test strong resistance formed near 81.70.
Consider buying AUD/JPY while the pair is near S1 (79.80) targeting R1 (81.70) resistance area. Stop loss should be well below the S2 (79.20).
Support: 79.80, 79.20
Resistance: 81.70
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