AUD/JPY profit target reached perfectly, prepare to buy

The price has dropped perfectly from our selling area and has reached our profit target. We prepare to buy above major support at 87.71 (Fibonacci extension, horizontal swing low support, Fibonacci retracement) for a push up to at least 88.34 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support above 2.3% where we expect a bounce from.

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

Buy above 87.71. Stop loss is at 87.44. Take profit is at 88.34.


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