FX.co ★ AUDJPY approaching 1st support, potential for a bounce!

Price is approaching our 1st support, which is in line with our 61.8% Fibonacci retracement, 127.2% Fibonacci extension, and ascending trendline support. We could potentially see a bounce at this level as price continues to hold above the ascending trendline support, and a further push up towards our 1st resistance, which is in line with our 127.2% Fibonacci extension and horizontal swing high resistance. It is worth noting that price continues to hold above the ascending trendline and moving average support, in line with our bullish bias.

Trading Recommendation

Entry: 83.177

Reason for Entry:

61.8% Fibonacci retracement, 127.2% Fibonacci extension, and ascending trendline support.

Take Profit: 84.040

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 82.781

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal swing low support