AUD/JPY approaching resistance, potential drop!

AUD/JPY is approaching our first resistance at 79.01 (horizontal pullback resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur to our major support at 78.39 (horizontal swing low support, 50% Fibonacci retracement). Stochastic (34,5,3) is also nearing resistance. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

analytics5c89acd92dff8.png

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