AUD/JPY: buy targets - 86.00 and 87.00
By: Dmitriy Chernovolov
- AUD/JPY reversed from strong support level 82.30
- Next buy targets - 86.00 and 87.00
AUD/JPY continues to rise strongly – following the earlier sharp upward reversal from the major support level 82.30 (which also previously reversed the sharp downward impulse wave 3 in August, as you can see below). The support zone near the support level 82.30 was strengthened by the lower daily Bollinger Band. The upward reversal from 82.30 completed the (b)-wave of the active minor ABC correction from last month.
With the clear bullish divergence visible on the daily RSI indicator - AUD/JPY can be expected to rise further inside the active (c)-wave toward the next buy targets at the resistance levels – 86.00 and 87.00.