FX.co ★ AUDJPY approaching support, potential for bounce

Prices are approaching support which is in line with horizontal swing low support, 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Prices might push up towards horizontal overlap resistance in line with 100% Fibonacci extension . If prices push down, prices might take support on horizontal swing low support in line with 100% Fibonacci extension and 161.8% Fibonacci retracement . Stochastics is also approaching 7.01 level, potential for a bounce.

Trading Recommendation

Entry: 83.121

Reason for Entry:

Horizontal swing low support, 61.8% Fibonacci retracement, 161.8% Fibonacci extension

Take Profit: 83.619

Reason for Take Profit:

Horizontal overlap resistance, 100% Fibonacci extension

Stop Loss: 82.817

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension, 161.8% Fibonacci retracement