AUD/JPY bounced perfectly from our buying area, remain bullish for a further rise

The price has touched our buying area before shooting up perfectly as expected. We remain bullish above 86.37 support (Fibonacci retracement, horizontal overlap support, bullish exit) for a further push up to at least 87.01 resistance (Fibonacci retracement, horizontal overlap resistance) before 87.38 resistance (Fibonacci retracement, horizontal overlap support, Fibonacci extension). We also move our stop loss to 86.01 to protect our profits.

Stochastic (34,5,3) sees a recent bullish exit of its descending resistance-turned-support line signal a change in momentum to bullish.

Buy above 86.37. Stop loss is at 86.01. Take profit is at 87.01 and 87.38.

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