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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/JPY forming a nice reversal, time to start selling

Price is about to find major resistance below the 83.09 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave theory) and we expect a strong drop from this level towards 81.77 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.Correlation analysis: We're expecting general JPY strength with USD/JPY expecting a drop too.

Sell below 83.09. Stop loss at 83.51. Take profit at 81.77.

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The material has been provided by InstaForex Company - www.instaforex.com