AUD/JPY look to buy on weakness to play a further rise

Price continues to rise in our bullish channel. We look to buy on weakness above major support at 88.68 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a further rise towards 89.47 resistance (Fibonacci extension, horizontal swing high resistance).

RSI (34) remains above our ascending support line signalling that we have not seen the end of our bullish momentum.

Buy above 88.68. Stop loss at 88.33. Take profit at 89.47.

analytics59c1c54d86d64.png

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