AUD/JPY is testing a strong support; prepare for a bounce

Source: Forex Analysis

Price is now testing a major support at 84.57 (Multiple Fibonacci retracement, horizontal swing low support, Fibonacci extension, Elliott wave structure), and a strong bounce could occur at this level to push the price up to at least the 86.58 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing a strong support above 6.1% where a corresponding bounce could occur.

Buy above 84.57. Stop loss at 83.63. Take profit at 86.58.


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