AUD/JPY approaching profit target, remain bearish

The price has continued to drop nicely towards our profit target. We remain bearish looking to sell below 88.34 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing intermediate resistance below 45% where we expect a further drop from.

Correlation analysis: We are seeing JPY strength with AUD/JPY and EUR/JPY expecting drops.

Sell below 88.34. Stop loss is at 88.70. Take profit is at 87.65.


The material has been provided by InstaForex Company -