empty
 
 
13.01.2021 12:18 PM
AUDJPY approaching ascending trendline support! Potential for a bounce!

This image is no longer relevant

AUDJPY is approaching the ascending trendline support, where we can expect a short-term bounce and further rise up towards our 1st resistance at 80.927, which is in line with our -27% Fibonacci retracement and 100% Fibonacci extension. It is worth noting that the Ichimoku cloud is also showing signs of bullish pressure in line with our bullish analysis.

Trading Recommendation

Entry: 80.338

Reason for Entry:

38.% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap support

Take Profit: 80.927

Reason for Take Profit:

100% Fibonacci extension, -27% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 79.996

Reason for Stop Loss:

76.4% Fibonacci extension and horizontal swing low support

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback