FX.co ★ AUDJPY facing pressure from descending trendline and 1st resistance, further drop expected !

Price is facing bearish pressure from the descending trendline and the first resistance level, in line with 61.8% fib retracement where we could see a drop to our support level where the horizontal swing low is. The Ichimoku cloud is also showing resistance to the price.

Trading Recommendation

Entry: 77.54

Reason for Entry:

61.8% fib retracement, descending trendline resistance

Take Profit: 76.96

Reason for Take Profit:

horizontal swing low

Stop Loss: 78.00

Reason for Stop Loss:

Horizontal swing high