AUD/JPY testing major resistance, remain bearish

The price is testing major resistance at 87.39 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a reaction from this level for a drop to at least 86.32 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below 96% where we expect to see a corresponding reaction in price from.

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

Sell below 87.39. Stop loss is at 88.08. Take profit is at 86.32.


The material has been provided by InstaForex Company -