AUDJPY approaching resistance, watch for breakout!
AUDJPY is approaching our first resistance at 82.50 (horizontal overlap resistance, 50% Fibonacci retracement). A breakout above this level might cause a strong rally up to our second resistance at 83.56 (horizontal pullback resistance, 76.4% Fibonacci retracement). Price also broke the long term descending resistance-turned-support line and we are also seeing a bullish exit from a bullish channel, causing us to have a bullish bias on the setup.
RSI (89) is also seeing a bullish exit from its short term descending pullback support line.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also seeing a bullish exit from its short term descending pullback support line.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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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