AUD/JPY: sell target – 89.30
By: Dmitriy Chernovolov
- AUD/JPY broke pivotal support level 90.50
- Next sell target – 89.30
AUD/JPY has been falling sharply in the last few days – after the price broke the support trendline of the wide daily up channel from the start of February – which has enclosed the previous intermediate ABC correction (2). The breakout of this up channel accelerated the active impulse wave – which today broke the pivotal support level 90.50 – which reversed the previous B-wave in April.
AUD/JPY is likely to fall further toward the next sell target at the next strong support level 89.30 (which stopped the previous impulse wave (1) in February).