FX.co ★ AUDJPY testing downside confirmation, potential for a further drop!

AUDJPY is testing our downside confirmation at 76.47 where the horizontal pullback support and 23.6% fib retracement are. Price could touch downside confirmation and drop from there. EMA also indicates that further downside will come.

Trading Recommendation

Entry: 76.47

Reason for Entry:

horizontal pullback support and 23.6% fib retracement

Take Profit: 76.11

Reason for Take Profit:

Horizontal swing low support

Stop Loss: 76.77

Reason for Stop Loss:

50% Fibonacci retracement, horizontal overlap resistance