Although on the 4-hour chart the AUD/JPY cross currency pair is still moving above the WMA (30 Shift 2) which also has a slope that is going upwards, but because the Stochastic Oscillator indicator is already above the Overbought level (80) and has started to breaks below the 80 level, in the near future there is a potential for a weakening correction down to the 94.80 level, but as long as the weakening correction does not breaks and close below the 94.00 level, AUD/JPY will continue its strengthening bias to the 95.79 level as its main target and 96.23 as the next target if the strengthening momentum and volatility support it.
(Disclaimer)
