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MFXBroker - AUD/JPY Technical Analysis for 10.02.2015

• AUD/JPY completes intermediate ABC correction (2)
• Next buy targets – 94.00 and 95.00

AUD/JPY has been rising steadily in the last few days – following the sharp reversal from the support area lying between the strong round support level 90.00, the lower weekly Bollinger Band and the 50% Fibonacci Correction of the weekly price impulse from May of 2012. The upward reversal from this support area led to the formation of the strong Japanese candlesticks reversal pattern Bullish Engulfing (highlighted on the weekly AUD/JPY chart below).

The last week’s reversal also completed the intermediate ABC correction (2) from February of 2014. With the weekly Stochastic indicator still in the oversold territory, AUD/JPY will most probably continue to rise in the near-term perspective toward the next buy targets – 94.00 and 95.00.

Tuesday, 10 Feb, 2015 / 3:03

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