AUD/JPY profit target reached for the 4th time, prepare to buy for a small correction

The price has dropped nicely and reached our profit target for the 4th time in a row yesterday. We prepare to buy for a small correction above support at 87.36 (Fibonacci extension, bullish price action) for a push up to at least 87.80 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing intermediate support above 10.14% where we expect a bounce from.

Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EUR/JPY, AUD/JPY and USD/JPY.

Buy above 87.36. Stop loss is at 87.12. Take profit is at 87.80.


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