AUDJPY reacting below descending trendline resistance. Drop incoming!

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AUDJPY reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 84.587 towards recent swing low and 1st support at 84.138 could be possible. Technical indicators are also showing room for further bearish momentum

Trading Recommendation

Entry: 84.587

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 84.138

Reason for Take Profit:

Graphical swing low support

Stop Loss: 84.853

Reason for Stop Loss:

Recent swing high

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

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