AUDJPY potential bearish momentum!

AUDJPY is see to be holding in a potential triangle pattern and may bearish from 1st resistance at 81.411 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension to 1st support at 79.901 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension. Our bearish bias is further supported by how MACD is showing a bearish negative divergence. Otherwise price may bullish towards 2nd resistance at 81.994 in line with Horizontal swing high and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 81.411

Reason for Entry:

78.6% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 79.901

Reason for Take Profit:

61.8% Fibonacci retracement and 50% Fibonacci extension

Stop Loss: 81.994

Reason for Stop Loss:

Horizontal swing high and 78.6% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX