AUDJPY broke out of support, potential for further drop!
AUDJPY broke out of our ascending support-turned-resistance line and reacted off our first resistance at 83.31 (horizontal overlap resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 82.66 (horizontal overlap support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also seeing a bearish exit and might be a good precursor for a further potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit and might be a good precursor for a further potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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