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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 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.

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