AUD/JPY broke resistance area

AUD/JPY broke resistance area

  • AUD/JPY broke resistance area
  • Next buy target - 88.00

AUD/JPY recently broke through the resistance area lying at the intersection of the resistance level 86.50, resistance trendline of the daily down channel from September and the 50% Fibonacci correction of the previous ABC correction (B) from September. AUD/JPY is expected to rise to the next buy target at the next resistance level 88.00 (target price for the completion of wave 3 and the top of the previous minor correction (ii) from November).



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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