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theforexarmy

AUDJPY Approaching Resistance, Prepare For A Reversal!

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
theforexarmy  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpyshort Forex forexsignals
2
0
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort forex forexsignals
Sell below 80.79.
Stop loss 81.41.
Take profit at 79.65.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 80.79 (61.8% Fibonacci extension, 23.6% Fibonacci retracement x2, horizontal overlap resistance) where it is expected to reverse down to its support at 79.65 (100% Fibonacci extension).
Stochastic (34, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
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