AUD/JPY profit target reached perfectly, prepare to buy for a strong bounce

The price has dropped absolutely perfectly from our selling area to our profit target. We prepare to buy above major support at 86.02 (Fibonacci retracement, horizontal overlap support) for a push up to at least 86.94 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing major support above 2% where we expect a corresponding bounce from.

Correlation analysis: We're seeing JPY strength with drops on AUD/JPY and EUR/JPY.

Buy above 86.02. Stop loss is at 85.71. Take profit is at 86.94.

analytics5996442dc8ca5.png

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