Price is seen to be holding below the descending trendline resistance, this signifies a bearish momentum on AUDJPY .(On the weekly chart, the price is still holding within the descending channel .) Price is expected to move towards the 1st Support in line with 38.2% Fibonacci retracement level, 78.6% and 100% Fibonacci extension . Our bearish bias is further supported by the stochastic indicator where the K% line has bounced off the resistance level and price is also seen to be holding below the 100 period MA.
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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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.