AUDJPY facing pressure from 1st resistance, further drop expected !

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AUDJPY facing pressure from 1st resistance, further drop expected !

AUDJPY facing pressure from 1st resistance, further drop expected !

AUDJPY facing pressure from 1st resistance, further drop expected !

Price is facing bearish pressure from the first resistance level, in line with 61.8% fib retracement and horizontal swing high where we could see a drop to our support level where the 38.2% fib retracement is. Ichimoku is also showing that limited pushup is possible before any reversal.

Trading Recommendation

Entry: 77.53

Reason for Entry:

61.8% fib retracement and horizontal swing high

Take Profit :76.94

Reason for Take Profit:

38.2% fib retracement

Stop Loss: 77.93

Reason for Stop loss:

Horizontal swing high

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/187381/