AUD/JPY:buy target - 94.50
By: Dima Chernovolov
- AUD/JPY broke daily Triangle
- Next buy target - 94.50
AUD/JPY has been rising strongly in the last couple of weeks – inside the (c) subwave of the minor ABC correction 2, which began at the start of April – when the price failed to break below the strong support level 90.500 (which also stopped the previous sharp intermediate impulse wave (1) at the beginning of February). The active (c)-wave recently broke the resistance trendline of the wide daily Triangle from last December (as you can see below). The breakout of this Triangle should intensify the bullish pressure on AUD/JPY in the coming trading sessions.
AUD/JPY is likely to rise further toward the next buy target at the resistance level 94.50 (which reversed the previous corrective waves (iv), A and (2)).