AUDJPY approaching profit target perfectly, prepare to sell
Sell below 82.94. Stop loss at 83.22. Take profit at 81.92.
Reason for the trading strategy (technically):
Price has bounced off our buy entry perfectly yesterday and has risen strongly towards our profit target. We prepare to sell below major resistance at 82.94 (Fibonacci retracement, horizontal resistance) for a push down to 81.92 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below the 93% where we expect a drop from soon.
Reason for the trading strategy (technically):
Price has bounced off our buy entry perfectly yesterday and has risen strongly towards our profit target. We prepare to sell below major resistance at 82.94 (Fibonacci retracement, horizontal resistance) for a push down to 81.92 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below the 93% where we expect a drop from soon.