AUDJPY approaching support, watch for breakout!

AUDJPY is approaching our first support at 82.69 (horizontal overlap support, 38.2% Fibonacci retracement). A breakout below this level might trigger a strong reaction pushing price down to our major support at 81.90 (horizontal overlap support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish view.

RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.

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