AUDJPY is testing resistance, potential drop!

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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.

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