FX.co ★ AUDJPY is facing bullish pressure, potential for further upside!

Price has just bounced from our 1st support at 80.048, in line with our 38.2% Fibonacci retracement and 100% Fibonacci extension, where we could see a further rise above this level towards our 1st resistance at 80.369, in line with our horizontal swing high resistance. It is worth noting that price continues to hold above the Ichimoku cloud, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 80.048

Reason for Entry:

Horizontal swing low support, 38.2% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 80.369

Reason for Take Profit:

Horizontal swing high resistance

Stop Loss: 79.848

Reason for Stop Loss:

161.8%, 61.8% Fibonacci extension and 61.8% Fibonacci retracement