AUD/JPY is approaching its support at 79.18 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 80.68 (61.8% Fibonacci retracement, horizontal pullback resistance).

Stochastic (55, 5, 3) is approaching its support at 3.7% where a corresponding bounce is expected. AUD/JPY is testing its support where we expect to see a bounce.

Buy above 79.18. Stop loss at 78.45. Take profit at 80.68.

*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