AUD/JPY whipsawing a lot, remain bullish for a strong rise

The price has been whipsawed a lot since yesterday, but is starting to form a nice reversal pattern. We look to buy above strong support at 86.95 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) for a bounce to at least 87.67 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (89,3,1) is seeing bullish divergence vs the price signalling that a reversal is impending.

Buy above 86.95. Stop loss is at 86.61. Take profit is at 87.67.


The material has been provided by InstaForex Company -