03.03.202109:12 Forex Analysis & Reviews: AUDJPY facing bullish pressure, potential for further upside!

Exchange Rates 03.03.2021 analysis

Price is facing bullish pressure as it continues to hold above both the ascending trendline and moving average support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 83.375, which is in line with our 23.6%, 38.2% Fibonacci retracement levels and 61.8% Fibonacci extension, and a further rise towards our 1st resistance level at 84.324, which is in line with our 78.6% Fibonacci retracement and 127.2% Fibonacci extension levels.

Trading Recommendation

Entry: 83.375

Reason for Entry:

23.6%, 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 84.324

Reason for Take Profit:

78.6% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback resistance

Stop Loss: 82.691

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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