AUD/JPY profit target reached, prepare to turn bearish

The price bounced up perfectly as expected and reached our profit target. Now we prepare to turn bearish below 86.31 resistance (Fibonacci projection, Fibonacci retracement, and horizontal pullback resistance) for a drop to 85.32 (Fibonacci projection, horizontal support).

Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.

Sell below 86.31. Stop loss is at 86.75. Take profit is at 85.32.

The material has been provided by InstaForex Company - www.instaforex.com