After an impulsive move the pair went through a complex correction. The present rally looks like an impuslive suggests that AUDJPY is in the phase of unfolding its 3rd wave. Remember the 3rd wave is the strongest one.
The present support zone will act as wave 4 where the internals have a-b-c waves , being wave a = wave c . If the level intact, the price will move up as depicted on the chart.
AUDJPY rebounded from pivot level yesterday and still at trendline support in daily chart. Prices may continue to move higher and may test 70.00 level.
So, if we take a long here we can take profit around 69.000-70.000 levels with stop loss of 67.500.
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AUDJPY
The fundamental factor causing the negative pressure on JPY and the industrial outputs are stumbling and BOJ are in the verge to cut the rates in coming months
this pair currently trading at 76.350 level and may retrace back towards 75.850
There we may open the buy orders and potential take profit will be 78.650. Its a 280 pips target.
Stop lose may placed...
The 4-hour of AUD/JPY indicates that the pair is currently in a sideways pattern.
The stochastic indicator has made a bullish crossover from the oversold area.
Hence we expect the buyers to take a firm hold of the pair and move the pair towards the zone of 82.588.
