AUDJPY testing support, potential rise!
AUDJPY is testing our first support at 83.32 (horizontal overlap support, 23.6%, 61.8% Fibonacci retracement, 100% Fibonacci extension, support of ascending channel). A strong bounce might occur above this level, pushing price up to our major resistance at 84.08 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (89) is also approaching our ascending major support line and a bounce off this level might be a good precursor for a potential rise in price.
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RSI (89) is also approaching our ascending major support line and a bounce off this level might be a good precursor for a potential rise 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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