FX.co ★ AUD/JPY forming a nice reversal, time to start selling

Price is about to find major resistance below the 83.09 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave theory) and we expect a strong drop from this level towards 81.77 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).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 USD/JPY expecting a drop too.

Sell below 83.09. Stop loss at 83.51. Take profit at 81.77.