FX.co ★ AUDJPY facing bearish pressure, potential for further downside!

AUDJPY is facing bearish pressure from descending trend line resistance as well as 1st resistance which coincides with 161.8% fibonacci extension and 61.8% fibonacci retracement. Prices might push down towards 1st support which coincides with 61.8% fibonacci extension as well as horizontal swing low support. If prices break through the 1st resistance, it might push up towards 2nd resistance which is a horizontal swing high resistance as well as 61.8% fibonacci retracement.

Trading Recommendation

Entry: 84.188

Reason for Entry:

Descending trendline resistance, 161.8% fibonacci extension, 61.8% fibonacci retracement

Take Profit: 83.658

Reason for Take Profit:

Horizontal swing low support, 61.8% fibonacci extension

Stop Loss: 84.438

Reason for Stop Loss:

Horizontal swing high resistance, 61.8% fibonacci retracement