AUD/JPY: A growth is likely to continue.

September 10, 2015

On the 4-hour chart, the price broke out the 23.6% correction level (84.65) and the 23.6% arc for the short-term trend, so the closest “bullish” targets will be the levels of 86.20 (38.2% correction) and 87.40 (a crossover of the 50% correction with the 38.2% arc). It should be noted that near the level of 86.20 the price may turn down and decline to 84.65. On the daily chart, the price is testing the level of 85.65 (23.6% correction for the medium-term trend). After the breakout of this level, the pair is likely to grow to 87.75 (38.2% correction). Otherwise, a decline back towards 82.20 (the lowest levels since 2012) is also possible

Trading tips

Buy the pair from the current price with targets at 86.20, 86.50 and stop-loss at 85.00.

Alternative scenario

Sell the pair if the price turns down at the level of 86.50 with the target at 84.65 and stop-loss at 87.00.

Publication source
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