AUDJPY trying to jump above former resistance


The AUDJPY cross was up 0.3% on Thursday as sentiment remained positive after the biggest US inflation print in 30 years.

The Aussie is now trying to settle above the 85 threshold, which has been strong resistance for many weeks. The cross managed to make one or two breaks above it, only to drop back below the 85 zone quickly. 

This time, it could be different as it looks like US indices will rise to new all-time highs, and these instruments are usually tightly correlated to each other. 

The next target would be at the current cycle highs at around 85.80.

Any dips are expected to be bought in the 84.60 area, where both the 8 and 21-day EMAs are converged,

Another support zone is expected at 84.30, where the medium-term uptrend line from March, April, and May's lows is located. That is the key support, and if the AUDJPY cross drops below it, the medium-term uptrend would most likely be over.
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