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AUD/JPY on major resistance, time to start selling

Price is now testing major resistance at 84.33 (Fibonacci extension, Elliott wave theory) and we expect a drop from this level to at least 82.83 support (Fibonacci retracement, Horizontal swing low support, Elliott wave theory).

Stochastic (55,5,3) is seeing major resistance below the 93% where we expect a drop from.

Correlation analysis: we suppose overall weakness in commodity currencies (AUD, NZD) while foreseeing further strength on JPY which goes well for the drop we expect on AUD/JPY.

Sell below 84.33. Stop loss at 85.26. Take profit at 82.83.

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