AUD/JPY: sell target - 83.00
By: Dmitriy Chernovolov
- AUD/JPY reversed from resistance zone
- Next sell target - 83.00
AUD/JPY continues to decline after the earlier downward reversal from the resistance zone lying between the following resistance levels: upper daily Bollinger Band, 61.8% Fibonacci correction of the previous intermediate impulse wave (1) and the pivotal resistance level 86.00 (which stopped the previous minor correction 4 in January, as can be seen from the daily AUD/JPY chart below).
With the daily Stochastic indicator still in the overbought area - AUD/JPY can be expected to fall further to the next sell target at the support level 83.00.