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

AUDJPY is testing our downside confirmation at 74.67 where the 100% fib extension is. Price could open up more downside from here if it closes below the downside confirmation. Take caution that Ichimoku signals that further downside could come.

Trading Recommendation

Entry: 74.67

Reason for Entry:

100% fib extension

Take Profit: 73.99

Reason for Take Profit:

161.8% fib extension

Stop Loss: 75.31

Reason for Stop Loss:

Horizontal overlap resistance