AUDJPY broke out of support, potential for further drop!

AUDJPY broke out of our ascending support-turned-resistance line and reacted off our first resistance at 83.31 (horizontal overlap resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 82.66 (horizontal overlap support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.

RSI (89) is also seeing a bearish exit and might be a good precursor for a further potential drop in price.

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