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MEX_Exchange

AUDJPY right on resistance, remain bearish for a further drop

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea Forex forextrading
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trendanalysis harmonicpatterns chartpattern audjpy audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea forex forextrading
Sell below 88.15. Stop loss at 88.60. Take profit at 87.52.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 88.15 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 87.52 support (Fibonacci extension, Fibonacci retracement, horizontal swing low support).
RSI (34) sees long term descending resistance holding price momentum down which helps us keep our bearish bias.
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