AUD/JPY is testing its resistance at 81.79 (61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 82.57 (61.8% Fibonacci extension, horizontal swing low support) is expected.

Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected. AUD/JPY is testing its resistance where we expect to see a reversal.

Sell below 81.79. Stop loss at 82.57. Take profit at 80.58.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group