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AUDJPY approaching resistance, potential drop!

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Australian Dollar / Japanese Yen (FX:AUDJPY)  
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FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpylong audjpyshort Forex forextrading forexsignals forexcurrency
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trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpylong audjpyshort forex forextrading forexsignals forexcurrency
AUDJPY is approaching our first resistance at 83.06 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 81.97 (horizontal overlap support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 82.50 (horizontal overlap support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support level.

RSI (55) has also reacted off our major descending resistance line and might be a good precursor for a potential drop in price.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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