AUD/JPY: sell targets - 80.00 and 78.00
By: Dmitriy Chernovolov
- AUD/JPY reversed from resistance zone
- Next sell targets - 80.00 and 78.00
AUD/JPY recently reversed down twice from the resistance zone lying between the resistance level 82.00 and the 50% Fibonacci correction of the previous sharp downward impulse wave from the end of January. The downward reversal from this resistance zone continues the active minor impulse wave (iii) – which belongs to the impulse 3 of the 3rd intermediate impulse wave (3) from last September.
AUD/JPY is likely to fall further in the active impulse waves (iii), 3 and (3) toward the next sell target at the round support level 80.00 – the breakout of which can lead to further losses toward the next support level 78.00.