AUDJPY approaching resistance, potential drop!
AUDJPY is approaching our first resistance at 83.06 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 81.97 (horizontal overlap support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 82.50 (horizontal overlap support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support level.
RSI (55) has also reacted off our major descending resistance line and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) has also reacted off our major descending resistance line and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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