AUDJPY facing bullish pressure, potential for a bounce!

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Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal overlap support, where we could potentially see a bounce and further rise up to 1st resistance, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud and ascending trendline support, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 84.500

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal overlap support

Take Profit: 84.854

Reason for Take Profit:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 84.362

Reason for Stop Loss:

78.6% Fibonacci extension and horizontal swing low support

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

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