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AUD/JPY Approaching Support, Prepare For Bounce

AUD/JPY is approaching its support at 79.18 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 80.60 (61.8% Fibonacci retracement, horizontal pullback resistance). Stochastic (55, 5, 3) is approaching its support at 3.7% where a corresponding bounce could occur. AUD/JPY is approaching its support where we expect to see a bounce. Buy above 79.18. Stop loss at 78.28. Take profit at 80.60.
by Jeff Wecker
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AUD/USD Testing Support, Prepare For Bounce

AUD/USD is approaching its support at 0.7243 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 0.7311 (50% Fibonacci retracement, horizontal pullback resistance). Stochastic (55, 5, 3) is testing its support at 3.8% where a corresponding bounce is expected. AUD/USD is testing its support where we expect to see a bounce.
by Jeff Wecker