AUDJPY is testing our first resistance at 81.39 (50% Fibonacci retracement, horizontal overlap resistance, 61.8% Fibonacci extension) which coincides with the long term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 80.58 (Horizontal swing low support, 61.8% Fibonacci extension).
RSI (55) is also approaching its long term descending resistance line, a good precursor of a potential drop should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (55) is also approaching its long term descending resistance line, a good precursor of a potential drop should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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