AUD/JPY: Sell target - 83.00 || 16-03

AUD/JPY: Sell target - 83.00 || 16-03
By : Dmitriy Chernovolov || https://fxbazooka.com
Broker : FBS Markets Inc
AUD/JPY continues to decline after the earlier downward reversal from the resistance zone lying between the following resistance levels: upper daily Bollinger Band, 61.8% Fibonacci correction of the previous intermediate impulse wave (1) and the pivotal resistance level 86.00 (which stopped the previous minor correction 4 in January, as can be seen from the daily AUD/JPY chart below).

• AUD/JPY reversed from resistance zone
• Next Sell target - 83.00

With the daily Stochastic indicator still in the overbought area - AUD/JPY can be expected to fall further to the next sell target at the support level 83.00.

AUD/JPY: Sell target - 83.00 || 16-03