AUD/JPY: buy target - 88.00
By: Dmitriy Chernovolov
- AUD/JPY rising inside minor corrective wave (iv)
- Next buy target - 88.00
AUD/JPY continues to rise sharply inside the 4th minor corrective wave (iv) – which started earlier – when the pair reversed up from the support zone lying between the lower daily Bollinger Band and the major round support level 80.00 (as can be seen from the daily AUD/JPY chart below). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer.
AUD/JPY is likely to rise further in the active minor correction 4 toward the next buy target at the resistance level 88.00 (intersecting with the resistance trendline of the daily down channel from November of 2014 and the 38.2% Fibonacci correction of the previous downward impulse from the top of this down channel).