FX.co ★ Daily Video Analysis: AUDJPY reversing from resistance, potential for drop

Today we take a look at AUDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is reversing from the sell entry level, in line with 38.2% Fibonacci retracement, where we could see further downside towards take profit levels, in line with 50% Fibonacci retracement and horizontal swing low support. Stochastics is showing signs of bearish pressure in line with our analysis as well.