FX.co ★ AUDJPY facing bearish pressure |26th Aug 2021

Price is seen to be holding below the descending trendline resistance, this signifies a bearish momentum on AUDJPY .(On the weekly chart, the price is still holding within the descending channel .) Price is expected to move towards the 1st Support in line with 38.2% Fibonacci retracement level, 78.6% and 100% Fibonacci extension . Our bearish bias is further supported by the stochastic indicator where the K% line has bounced off the resistance level and price is also seen to be holding below the 100 period MA.

Trading Recommendation

Entry: 80.339

Reason for Entry: 61.8% Fibonacci extension and 141.4% Fibonacci extension

Take Profit: 79.335

Reason for Take Profit: 100% and 78.6% Fibonacci extension, 38.2% Fibonacci retracement

Stop Loss: 80.790

Reason for Stop Loss: 161.8% Fibonacci extension