Lingrid

AUDJPY FALLING from strong RESISTANCE zone

Short
FOREXCOM:AUDJPY   Australian Dollar / Japanese Yen
At the beginning of this month, the price rose and managed to break first the resistance line 80.002, then the level of 80.556, but immediately after that it touched the resistance line 80.836 and returned back to the first line.

These two lines together with the level create a strong resistance zone . It is important to note that one of these lines, the trend line , was formed in June 2019. The second has existed much longer - the first touch of this line happened in 2017.

A strong resistance zone is the main reason based on which I expect that the price will not be able to continue to rise and will start falling despite an attempt to break through. Now I expect the price to reverse from the resistance line at 80.186 and drop to the support line in the near future. Of course, it will not do without corrections.

Thus, my final target is the support line at 75.45.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻