AUDJPY is testing resistance, potential drop!

Trading Tips

AUDJPY is testing our first resistance at 81.86 (horizontal overlap resistance, 100% Fibonacci extension, 38.2%, 61.8% Fibonacci retracement) which coincides with the long term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 80.95 (Horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement). A breakout of our intermediate support level at 81.39 (horizontal overlap support, 38.2% Fibonacci retracement, 100% Fibonacci extension) might provide the bearish acceleration to our major support level.
Stochastic (34,5,3) is also reacting off its major resistance at 96%, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.

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