AUD/JPY: sell target – 82.50
By: Dmitriy Chernovolov
- AUD/JPY reversed from resistance zone
- Next sell target – 82.50
AUD/JPY continues to fall inside the minor C-wave – which started earlier – when the price reversed down from the resistance zone lying between the strong resistance level 86.00 (which stopped the previous waves 4 and (A)), the upper resistance trendline of the daily down channel from the end of 2014, 61.8% Fibonacci correction of the previous wave (C) and the upper daily Bollinger Band.
With the clear bearish divergence visible on the daily Stochastic indicator - AUD/JPY is likely to fall to the next sell target at the support level 82.50 (former resistance from February).