AUDJPY testing support, watch for breakout, potential drop!
AUDJPY is testing our first support at 82.48 (horizonal overlap support, 50% Fibonacci retracement) which coincides with our short term descending resistance line. If price breaks out below this level, a strong drop might occur, pushing price down to our major support at 81.93 (horizontal overlap support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (55) is also reacting off its resistance, a good precursor for a potential drop in price.
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RSI (55) is also reacting off its resistance, 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.
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