SHORT AUDJPY approaching major resistance, potential drop!

9 มี.ค. 2018

AUDJPY reacted of our major resistance at 83.26 (horizontal overlap resistance, 61.8% Fibonacci extension , 50% Fibonacci retracement, 23.6% fibonacci retracement, descending resistance ) which coincides with the long term descending resistance line. A strong reaction could occur at this level, pushing price down to our next major support at 82.50 (horizontal swing low support, 100% Fibonacci extension , 61.8% Fibonacci retracement ). We do have to be wary of our short term ascending support line as price needs to break that level to open a bigger drop.

Stochastic (89,5,3) is also approaching its major resistance at 85% and is be a good precursor for a potential drop in price.

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