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

Prices are facing bullish pressure from 1st support in line with 100% fibonacci extension and 61.8% fibonacci retracement. Prices might pullback to 1st support before pushing up higher towards 1st resistance in line with horizontal swing high resistance and 78.6% fibonacci extension. If prices fall through 1st support, prices might push down towards 2nd support which is in line with 50% fibonacci retracement and 161.8% fibonacci extension. EMA is also below prices, signalling a bullish pressure for prices.

Trading Recommendation

Entry: 83.747

Reason for Entry:

Horizontal swing low support, 100% fibonacci extension, 61.8% fibonacci retracement

Take Profit: 84.428

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci extension

Stop Loss: 83.337

Reason for Stop Loss:

Horizontal swing low support, 50% fibonacci retracement, 161.8% fibonacci extension