03.08.201704:06 Forex Analysis & Reviews: AUD/JPY profit target reached once again, turn bearish for a short term correction

Long-term review

The price has shot up and reached our profit target perfectly. We prepare to sell below 88.31 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.71 support (Fibonacci extension, horizontal swing low support).

Stochastic (21,5,3) is seeing intermediate resistance below 85% where we expect a drop from.

Correlation analysis: We are seeing intermediate JPY strength with corrections expected on AUD/JPY and EUR/JPY.

Sell below 88.31. Stop loss is at 88.58. Take profit is at 87.71.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021

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