AUDJPY is approaching our first resistance at 80.71 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement, 100%, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 78.44 (100% Fibonacci extension, 76.4% Fibonacci retracement). RSI is also facing bearish pressure from its descending resistance line and a reaction below this level might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.