AUD/JPY bounced up perfectly and approaching profit target, prepare to sell

The price has bounced up absolutely perfectly from our buying area and is fast approaching our profit target. We prepare to sell below 86.97 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory) for a drop down towards 85.74 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below 98% and we expect a drop from this level.

Sell below 86.97. Stop loss at 87.70. Take profit at 85.74.


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