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

Price is facing bearish pressure from the first resistance level, in line with 61.8% fib retracement and descending trendline resistance where we could see a drop to our support level where the 50% fib retracement and horizontal swing low support are. Stochastics is also showing that more bearishness is possible.

Trading Recommendation

Entry: 77.41

Reason for Entry:

61.8% fib retracement , descending trendline resistance

Take Profit :76.94

Reason for Take Profit:

50% fib retracement, horizontal swing low support

Stop Loss: 77.71

Reason for Stop loss:

Horizontal swing high