AUD/JPY: buy target - 90.00
By: Dmitriy Chernovolov
- AUD/JPY broke multiple resistance levels
- Next buy target - 90.00
AUD/JPY has been rising sharply in the last few trading sessions – breaking through the resistance level 87.00 (which reversed the (a)-wave of the active minor ABC correction 2 from August), 50% Fibonacci Correction of the previous strong downward impulse wave (v) and the upper resistance trendline of the daily down channel from June. These three consecutive resistance breakouts accelerated the active (c)-wave.
AUD/JPY is likely to rise further toward the next buy target at the round resistance level 90.00 (former support level from July and August). Buy stop-loss can be placed below the support level 87.00.