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MEX_Exchange
Dec 14, 2017 2:24 AM

AUDJPY approaching major resistance, remain bearish Short

Australian Dollar/Japanese YenFXCM

Description

Sell below 86.67. Stop loss at 87.34. Take profit at 84.69.
Reason for the trading strategy (technically):
Price continues to rise towards our major resistance area. We look to sell below 86.67 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) for a push down to at least 84.69 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,3,1) is seeing major resistance below 98% and we expect a corresponding reaction off this level.

Comments
huzteck
Thankyou
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