11.05.201611:05 Forex Analysis & Reviews: Technical analysis of AUD/JPY for May 11, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/JPY formed a massive support area around 79.80, while on the top there is strong resistance around 86.00 and AUD/JPY is clearly ranging between these levels.

The RSI oscillator formed a bullish divergence on the 4H time frame and the pair is currently trading right in the support area. This could be the signal the pair is about to go up to test strong resistance formed near 81.70.

Consider buying AUD/JPY while the pair is near S1 (79.80) targeting R1 (81.70) resistance area. Stop loss should be well below the S2 (79.20).

Support: 79.80, 79.20

Resistance: 81.70

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.