AUD/JPY: buy target – 97.00
By: Dima Chernovolov
- AUD/JPY reversed from support zone
- Next buy target – 97.00
AUD/JPY continues to rise strongly after the recent sharp upward reversal from the support zone lying between the support level 94.500 (former strong resistance level which reversed the pair sharply in March, as you can see below), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward price impulse from April. The support level 94.500 also earlier reversed the price sharply at the start of this month.
AUD/JPY is likely to rise further toward the next buy target at the resistance level 97.00 (which reversed the previous intermediate ABC correction (2) in May).