AUDJPY approaching resistance, potential drop!
AUDJPY is approaching our first resistance at 80.83 (horizontal pullback resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 79.33 (horizontal swing low support, 61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (89,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off this level.
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Stochastic (89,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off this level.
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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