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AUD/JPY: Fibonacci analysis

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A fall can continue. On the 4-hour chart, the price is moving sideways between the 38.2% Fibonacci correction (91.43) and 50.0% correction (91.08). The breakdown of the level of 91.08 would allow the pair to continue falling towards 90.72 (61.8% Fibonacci) and 90.40. If the price consolidates above the level of 91.43, the pair can grow towards 91.88 (23.6% Fibonacci). On the daily chart, the price is testing the 23.6% medium-term correction (91.25). Its breakdown would lead to a fall along the 23.6% arc towards 90.50 and 89.57. Otherwise, the price can rise towards 91.94 (38.2% arc) and 92.29 (38.2% Fibonacci). Trading tips Open short positions from the level of 91.08 with targets at 90.72, 90.40 and stop-loss at 91.30. Alternative scenario Long positions can be opened after the price consolidation above the level of 91.43 with the target at 91.88 and stop-loss at 91.20.

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