AUD/JPY: buy target - 92.00
By: Dmitriy Chernovolov
- AUD/JPY broke resistance zone
- Next buy target - 92.00
AUD/JPY continues to rise after the recent breakout of the resistance zone lying between the round resistance level 90.00 (former strong support from July) and the 50% Fibonacci Correction of the previous minor impulse wave 1 from May. The breakout of this resistance zone is likely to accelerate the c-wave of the active minor ABC correction 2 from August.
AUD/JPY is expected to rise further in the active waves (c) and 2 toward the next buy target at the next strong resistance level 92.00 (which reversed the price sharply in July and August, as you can see below). Buy stop-loss can be placed at half the daily ATR (Average True Range) below the support level 90.00.