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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 testing major resistance, remain bearish

Price has slowly crept up towards our selling area and we expect to see a drop on it soon. We remain bearish looking to sell below 86.97 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory, bearish divergence) 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 below this level. We can also see bearish divergence has been formed vs price which signals that a drop is impending.

Sell below 86.97. Stop loss at 87.71. Take profit at 85.74.

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