AUDJPY bullish in bigger pictureAUDJPY has behaved exactly as expected and began a correction move we identified as wave 4 of (5) on the 16th of February 2017 to the 24th of February 2017 from 87.050 to 85.930 respectively. However, the outlook is that downward correction @ 85.930 constitutes the end of wave 4 of (5) and upward trend is about to resume. Thus a daily price close above downward sloping trend line shown in channel should bring focus to 88.191/89.278 zone (blue arrow). Daily penetration and price close above 89.278 should bring focus to 91.935 resistance (red arrow).
On the flipside, daily price close beneath upward sloping trend line shown should be restrained by 85.209/85.013 cluster support. However price close beneath this critical support zone should bring 83.648/83.375 cluster support (Purple arrow) into sharp focus. Daily price close beneath 83.375 should bring next downside target as the 80.877/80.488 cluster support (Orange arrow)
