AUDJPY facing bearish pressure, potential for more downside!

Price is consolidating and reacting below upper resistance of the Descending price channel. Furthermore Price is also holding below the 1st resistance at 83.423 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Price may bearish from 1st resistance at 83.423 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 82.508 in line with -27.2% Fibonacci retracement , 61.8% Fibonacci extension and a possible completion of wave 4 of an Elliot wave structure which happened to be in line with 50% of Fibonacci retracement of Wave 3 of the possible Elliot wave structure. In addition, our bearish bias is further supported by how the Price is holding below the EMA, the Ichimoku cloud and RSI is abiding to a descending trendline. Otherwise Price may bullish towards 2nd resistance at 83.959 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

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