TheAlaskanTrader
Short

AUDJPY Next week outlook?

FX:AUDJPY   Australian Dollar / Japanese Yen
I believe AUDJPY will continue dropping next week. I closed my short position before markets closed but I'll be looking to get back if it retests the 61.8 FIB. See chart. If it's a terrible idea let me know.
Nice idea on AUDJPY and there may be bearish potential as you have identified. The resistance that we have found is at 80.64, which coincides with the 61.8% Fibonacci retracement that you are expecting a reversal from. It is a horizontal overlap resistance, with a 61.8% Fibonacci extension and 23.6% Fibonacci retracement. If a potential reversal happens after testing resistance, we may want to take a closer look at the 80.19 support level. It is a horizontal overlap support, with a 61.8% Fibonacci retracement. Looking forward to seeing how things develop.

Please have a look at our idea and we would like to hear what you think.

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