AUDJPY approaching major resistance, potential drop!

8 thg 3, 2018

AUDJPY is approaching strong resistance at 83.31 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to major support at 81.56 (Fibonacci extension, horizontal swing low support). We do have to be cautious about our intermediate support at 82.12 (Fibonacci retracement, horizontal overlap support) as that level needs to be broken to open a further move down.

Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

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