InstaForex - Analytics

    InstaForex

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    Technical analysis of AUD/JPY for June 08, 2016 2016-06-08

    AUD/JPY found strong resistance near 87.00 and after forming a double top started to move down rapidly. And while falling the price broke below a slightly ascending channel.

    The Fibonacci applied to the channel breakout point shows that price broke below the 38.2% Fibs - S1 (79.20) and rejected the 50% level - R1 (80.55) a number of times. Currently, the pair is trading just below the 200 Moving Average and could be ready to continue the downtrend.

    Consider selling AUD/JPY at the current rate (79.90), targeting either S2 (77.50) or S3 (74.70) support levels. The stop loss should be just above the 81.00 psychological resistance.

    Support: 79.20, 77.50, 74.70

    Resistance: 80.55, 81.90

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