AUDJPY is approaching the ascending trendline support, where we can expect a short-term bounce and further rise up towards our 1st resistance at 80.927, which is in line with our -27% Fibonacci retracement and 100% Fibonacci extension. It is worth noting that the Ichimoku cloud is also showing signs of bullish pressure in line with our bullish analysis.
Trading Recommendation
Entry: 80.338
Reason for Entry:
38.% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap support
Take Profit: 80.927
Reason for Take Profit:
100% Fibonacci extension, -27% Fibonacci retracement and horizontal swing high resistance
Stop Loss: 79.996
Reason for Stop Loss:
76.4% Fibonacci extension and horizontal swing low support
