AUD/JPY now on the major resistance, the time to turn bearish




We took the rise on the AUD/JPY very well yesterday. Today, we begin to see the major resistance (Fibonacci retracement, horizontal overlap of the resistance) and we expect to see a sharp decrease in this level to push prices down to at least 86.66 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,3,1) is to see the major resistance at 99%, where we expect a corresponding reaction.

Correlation analysis: We see the commodity weakness with drops expected on AUD/USD, AUD/JPY, and NZD/USD.

Sell below 87.93. Stop loss is at 88.43. Take profit is at 86.66.



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