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

Price is facing bearish pressure from the first resistance level, in line with 76.4% fib retracement and descending trendline resistance where we could see a drop to our support level where the 61.8% fib retracement and horizontal swing low support are. MACD is also showing that more bearishness is possible.

Trading Recommendation

Entry: 77.37

Reason for Entry:

76.4% fib retracement , descending trendline resistance

Take Profit :76.76

Reason for Take Profit:

61.8% fib retracement, horizontal swing low support

Stop Loss: 77.71

Reason for Stop loss:

Horizontal swing high