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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/JPY forming a nice reversal pattern, remain bearish

The price is forming a nice reversal below 87.89 resistance (Fibonacci retracement, Elliott wave structure, triangle formation) and we expect to see a nice break out from here to push the price down towards 86.69 support (Fibonacci retracement, horizontal overlap support).

RSI (34) is right on pullback resistance where we expect a corresponding drop.

Sell below 87.89. Stop loss is at 88.47. Take profit is at 86.69.

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