AUDJPY broke out of its short-term descending resistance-turned-support line and is currently testing our first resistance at 83.07(horizontal overlap resistance) where a breakout above this level might occur, pushing price up to our major resistance at 84.60 (horizontal swing high resistance, 50% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias. RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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