AUDJPY approaching resistance, potential drop!
AUDJPY is approaching our first resistance at 82.58 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 81.83 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement) which coincides with our short term ascending support line. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (34) is also approaching our major resistance, in line with the potential upside in price before it reaches our first resistance. A reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (34) is also approaching our major resistance, in line with the potential upside in price before it reaches our first resistance. A reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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