AUD/JPY testing major support, look for a long term bounce

The price is now approaching major support at 84.57 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level to push the price up to at least 86.67 resistance (Fibonacci retracement horizontal pullback resistance).

Stochastic (34,5,3) is seeing strong support above 6.1% where we expect a bounce from.

Buy above 84.57. Stop loss is at 83.63. Take profit is at 86.67.

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