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
The material has been provided by InstaForex Company – www.instaforex.com
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