AUD/JPY: sell targets - 83.00 and 82.00
By: Dmitriy Chernovolov
- AUD/JPY reversed from resistance area
- Next sell targets - 83.00 and 82.00
AUD/JPY continues to fall strongly – following the earlier downward reversal from the combined resistance area lying between 3 resistance levels: the 50% Fibonacci retracement of the previous sharp downward impulse wave 3, the upper daily Bollinger Band and the resistance level 87.00 (which stopped the (a)-wave of the preceding minor ABC correction 4). The downward reversal from this resistance area completed the previous minor ABC correction 4.
AUD/JPY is likely to fall further in the active minor impulse wave 5 (which belongs to the 3rd intermediate impulse wave (3) from May) toward the next sell targets 83.00 and 82.00 (low of previous (b)-wave).