FBS - Analytics

    FBS

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    AUD/JPY: sell target - 83.00

    • 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.


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