FX.co ★ AUDJPY Bearish Dip | 4th Feb 2022

On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a dip from our 1st resistance at 82.412 in line with 50% Fibonacci retracement and bearish trendline towards our 1st support at 81.461 in line with 50% Fibonacci retracement. RSI is at a level where dips occurred previously, further supporting our bearish bias. Alternatively, our stop loss will be placed at 2nd resistance 82.839 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 82.412

Reason for Entry:

50% Fibonacci retracement and bearish trendline

Take Profit: 81.461

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 82.839

Reason for Stop Loss:

61.8% Fibonacci retracement