Price is seen to be holding below the descending trendline resistance, this signifies a bearish momentum on AUDJPY .(On the weekly chart, the price is still holding within the descending channel .) Price is expected to move towards the 1st Support in line with 38.2% Fibonacci retracement level, 78.6% and 100% Fibonacci extension . Our bearish bias is further supported by the stochastic indicator where the K% line has bounced off the resistance level and price is also seen to be holding below the 100 period MA.
Trading Recommendation
Entry: 80.339
Reason for Entry: 61.8% Fibonacci extension and 141.4% Fibonacci extension
Take Profit: 79.335
Reason for Take Profit: 100% and 78.6% Fibonacci extension, 38.2% Fibonacci retracement
Stop Loss: 80.790
Reason for Stop Loss: 161.8% Fibonacci extension
