AUD/JPY right on major support, remain bullish

The price is now testing our major support at 87.28 (Fibonacci extension, Elliott wave structure, swing low support, bullish divergence) and we expect to see a strong bounce above this level to push the price up to at least 87.75 resistance (Fibonacci retracement, breakout pullback resistance).

Stochastic (34,3,1) is seeing strong support above 2.2% and we expect to see a corresponding bounce above this level. We can also see bullish divergence vs price signaling that a bounce is impending.

Buy above 87.28. Stop loss is at 87.03. Take profit is at 87.75.

analytics59f292817a909.png

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