AUDJPY is testing its resistance at 83.58 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where it could reverse down to its support at 82.70 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support). Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal could occur.
AUDJPY hit a supply area On the 240m price made a higher high with a lower high on the RSI wich means a bearish divergency Also the short term uptrend was broken. Agressive entry can short now an a more conservative approach can wait for a retest to the broken uptrend line This trade offers a good RR
Could be either a really good time to start getting long Aussie Yen or the heavy selling will continue much further. I have an ideal entry level with a really tight stop. Break that stop and I will be looking for shorting opportunities. Chart has the four targets with Risk Reward ratios. Still a little selling off to do to rid the shorters before a heavy...