AUD/JPY Rebounds From Important Resistance
FxGrow | Nov 26, 2015 12:22PM ET
AUD/JPY - rebound from important resistance
After dynamic falls in August, AUD/JPY did not deepen established lows. Even more upward movement is getting stronger. Demand has exceeded the fibo 61,8% level of August's downward movement. Strong resistance, which make rebound, is the downward gap from August 24. Break above 89.30 will be a strong buy signal.
However, at this moment, it is more likely that decline will be a little deeper before demand will test for the second time pointed resistance. Nearest supports are at levels 88.10, 87.40, 86.50, 85.50. If 89.30 breaks, next resistance is at 90.30, but upward movement could reach much higher.
Time-frame H4
Time-frame D1
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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