AUD/JPY forming a nice reversal, time to start selling

23 May 2017

Price is about to find major resistance below the 83.09 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave theory) and we expect a strong drop from this level towards 81.77 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.Correlation analysis: We're expecting general JPY strength with USD/JPY expecting a drop too.

23 May 2017

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