AUDJPY approaching resistance, potential drop!

25 באפר׳ 2018

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.