AUD/JPY: Bulls eye 50% Fibo retracement to 75 the figure
- AUD/JPY is correcting the 9th June sell-off and has made it to the 38.20% Fibo retracement of the same range.
- The cross has penetrated the 20-4HR SMA with eyes towards the 50% Fibo retracement that meets the 2nd June swing low.
- This has forced stochastics into an overbought territory in a down-trending market, making for a good argument for a short according to such rules.
- However, with risk on markets taking up the theme, the 50% retracement leve is not far off around 75 the figure.
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.