AUD/JPY: 4-hour
Here’s another break-and-retest situation that’s already starting to play out. AUD/JPY appears to be making another attempt at pulling back to the broken long-term resistance at the 96.00 major psychological mark. This is right in between the 50% and 61.8% Fibonacci retracement levels, which could hold as additional support zones for the correction. Stochastic is already indicating oversold conditions, which means that sellers are exhausted and that buyers could take over soon. In this case, AUD/JPY might make its way up to its previous highs near 98.50.
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