AUDJPY is see to be holding in a potential triangle pattern and may bearish from 1st resistance at 81.411 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension to 1st support at 79.901 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension. Our bearish bias is further supported by how MACD is showing a bearish negative divergence. Otherwise price may bullish towards 2nd resistance at 81.994 in line with Horizontal swing high and 78.6% Fibonacci extension.
Trading Recommendation
Entry: 81.411
Reason for Entry:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 79.901
Reason for Take Profit:
61.8% Fibonacci retracement and 50% Fibonacci extension
Stop Loss: 81.994
Reason for Stop Loss:
Horizontal swing high and 78.6% Fibonacci extension
