AUD/JPY: next buy target
• AUD/JPY rises from support zone
• Next buy target - 95.00
AUD/JPY reversed up at the start of this month from the support zone surrounding the strong round support level (this support zone also previously reversed the price with the Japanese candlesticks reversal pattern Morning Star in January of 2014, as you can see from the weekly AUD/JPY chart below). This support zone was strengthened by the 38.2% Fibonacci Correction of the previous extended weekly uptrend from October of 2011 and by the lower weekly Bollinger Band.
The latest reversal from 90.00 completed the preceding primary ABC correction ② from November of 2012. With the weekly Stochastic indicator still moving close to the oversold area, AUD/JPY can be expected to rise in the active primary impulse ③ toward the next buy target 95.00.