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FX.co ★ AUD/JPY above major support, prepare to buy

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Forex Analysis:::2017-03-28T15:07:31

AUD/JPY above major support, prepare to buy

The price is right above major support at 83.77 (Fibonacci retracement, horizontal swing low support) where we expect a bounce from to at least 85.22 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is seeing strong support above the 7% level and also displays bullish divergence versus the price.

Buy above 83.77. Stop loss is at 82.73. Take profit is at 85.22.

AUD/JPY above major support, prepare to buy

Analyst InstaForex
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