AUD/JPY reversed from support zone

AUD/JPY reversed from support zone

AUD/JPY reversed from support zone

Next buy target - 84.00

AUD/JPY today reversed up from the support zone lying between the support level 82.00 (which reversed with the daily Hammer the pervious intermediate ABC correction (2) in May), lower daily Bollinger Band and the 50% Fibonacci correction of the pervious sharp upward impulse from last November. Considering the oversold reading on the daily Stochastic indicator - AUD/JPY is expected to rise in the active impulse waves 3 and (3) toward the next buy target at the next resistance level 84.00 (which stopped the previous minor impulse wave 1 in May).



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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