AUDJPY remain bearish as price tests our selling area
Sell below 88.76. Stop loss at 89.38. Take profit at 87.92.
Reason for the trading strategy (technically):
Price continues to test our selling area. We remain bearish looking to sell below major resistance at 88.76 (Multiple Fibonacci retracements, horizontal swing high resistance, Fibonacci extension) for a push down to at least 87.92 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance at 98% and turning down nicely with good downside potential.
Reason for the trading strategy (technically):
Price continues to test our selling area. We remain bearish looking to sell below major resistance at 88.76 (Multiple Fibonacci retracements, horizontal swing high resistance, Fibonacci extension) for a push down to at least 87.92 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance at 98% and turning down nicely with good downside potential.