AUDJPY approaching key 78.6% FIbonacci retracement level and descending trendline resistance. A short term drop below our 1st resistance at 84.289 towards 23.6% Fibonacci retracement and 1st support at 83.799 could be possible. Stochastic is testing resistance where price dropped in the past and is also showing signs of bearish divergence.
Trading Recommendation
Entry: 84.289
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 83.799
Reason for Take Profit:
23.6% Fibonacci retracement
Stop Loss: 84.920
Reason for Stop Loss:
Graphical swing high resistance
