AUDJPY facing bullish pressure, potential for further upside!

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Prices are facing bullish pressure as prices break out of descending trendline resistance in line with horizontal swing low support, 50% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also below prices, showing a bullish pressure on prices.

Trading Recommendation

Entry: 84.541

Reason for Entry:

Horizontal swing low support, 50% Fibonacci retracement, 50% Fibonacci extension

Take Profit: 84.806

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 84.391

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 78.6% Fibonacci extension

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

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