AUD/JPY forming a strong reversal, remain bullish

FX:AUDJPY   Australian Dollar / Japanese Yen
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Price bounced perfectly above our stop loss and is forming a strong bullish reversal. We remain bullish above major support at 82.59 ( Fibonacci retracement , horizontal support, bullish divergence ) and we expect a strong bounce above this level to at least 83.27 resistance ( Fibonacci retracement , horizontal pullback resistance).

Stochastic (89,5,3) is seeing strong support above the 8% level where stochastic is bouncing nicely and also displays bullish divergence versus price signalling that a bounce is impending.

Correlation analysis: Mixed view on JPY today with AUD/JPY expecting a bounce but EUR/JPY and USD/JPY expecting drops.

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