AUD/JPY: sell targets - 90.00 and 87.50
- AUD/JPY falls inside monthly impulse ③
- Next sell targets - 90.00 and 87.50
AUD/JPY continues to fall after the recent sharp downward reversal from the major multi-year resistance level 103.00 (which also previously reversed the pair in June of 2008 and in April of 2013, as you can see from the monthly AUD/JPY chart below). The resistance zone near 103.00 was further strengthened by the upper monthly Bollinger Band. The downward reversal from the aforementioned resistance level 103.00 created the weekly Japanese candlesticks reversal pattern – bearish Engulfing – thereby completing the previous monthly ABC correction ② from the middle of 2013.
AUD/JPY is likely to fall further in the active monthly downward impulse wave ③ toward the next sell targets 90.00 and 87.50.