FX.co ★ AUDJPY approaching ascending trendline support! Potential for a bounce!

AUDJPY is approaching the ascending trendline support, where we can expect a short-term bounce and further rise up towards our 1st resistance at 80.927, which is in line with our -27% Fibonacci retracement and 100% Fibonacci extension. It is worth noting that the Ichimoku cloud is also showing signs of bullish pressure in line with our bullish analysis.

Trading Recommendation

Entry: 80.338

Reason for Entry:

38.% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap support

Take Profit: 80.927

Reason for Take Profit:

100% Fibonacci extension, -27% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 79.996

Reason for Stop Loss:

76.4% Fibonacci extension and horizontal swing low support