AUDJPY approaching first resistance, potential drop!

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AUDJPY is approaching our first resistance at 82.59 (horizontal swing high resistance, 61.8% Fibonacci retracement) and a strong reaction could occur at this level pushing price down to our major support at 81.94 (horizontal overlap support, 38.2% Fibonacci retracement). A breakout below our short term ascending support line might provide the bearish acceleration to our major support level.

Stochastic (89,5,3) is also approaching our major resistance along with a bearish divergence being seen. It is also testing our short term support line and a bearish exit might be a good precursor for a potential drop in price.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.

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Dropped so perfectly to our support level! Did you manage to get on this trade?