AUDJPY broke out of resistance, further potential drop!
AUDJPY broke out of our ascending channel and reacted off our first resistance at 83.27 (horizontal overlap resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 82.68 (horizontal overlap support). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also seeing a bearish exit, a good precursor for a potential drop in price might be.
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RSI (89) is also seeing a bearish exit, a good precursor for a potential drop in price might be.
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