AUD/JPY testing major resistance, remain bearish

Price has continued its rise and is now testing strong resistance at 83.69 (Fibonacci extension, horizontal overlap resistance) and we expect to see a drop from here towards 82.96 support (Fibonacci retracement, horizontal overlap support). We keep our stop loss tight at 83.95 (Fibonacci retracement).

Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.

Correlation analysis: We're expecting general JPY strength with EUR/JPY and USD/JPY expecting a drop too.

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