AUDJPY Facing Bearish Pressure | 2 Aug 2021
AUD/JPY is holding below the descending trendline and approaching the sell entry at 80.181 which is in line with our horizontal overlap resistance and 23.6% Fibonacci retracement . Price is likely to resist off this level to take support at 79.443 in line with -27.2 % Fibonacci retracement . Our bearish view is further strengthen by how price is holding below the EMA as well as by how MACD is holding below 0.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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