Tickmill
Long

AUDJPY testing support, potential rise!

FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY             is testing our first support at 83.32 (horizontal overlap support, 23.6%, 61.8% Fibonacci retracement , 100% Fibonacci extension , support of ascending channel ). A strong bounce might occur above this level, pushing price up to our major resistance at 84.08 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension ). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.

RSI (89) is also approaching our ascending major support line and a bounce off this level might be a good precursor for a potential rise in price.

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This analysis is provided as general market commentary and does not constitute investment advice.
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