AUDJPY broke out of resistance, further potential rise!

Price has broken out of our resistance-turned-support at 82.60 (horizontal swing high resistance, 50% Fibonacci retracement) and a strong rally might occur, pushing price up to our major resistance at 83.55 (horizontal overlap resistance, 100% Fibonacci extension, 76.4% Fibonacci retracement).

RSI (55) is also approaching our long term descending resistance line and a breakout above this level might be a good precursor for further potential rise in price.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.