AUD/JPY profit target reached perfectly, prepare to sell

The price has shot up perfectly from our buying area and has reached our profit target. We prepare to sell below the strong resistance at 86.57 (Fibonacci retracement, Fibonacci extension) for a corrective drop towards 85.42 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing the major resistance at 91% and we expect a drop from here.

Correlation analysis: We're seeing JPY strength with drops on AUDJPY and EURJPY.

Sell below 86.57. Set stop loss at 85.42 and take profit at 87.17.

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