AUDJPY gapped down to our profit target. Prepare to buy
Buy above 87.00. Stop loss at 86.52. Take profit at 87.78.
Reason for the trading strategy (technically):
Price has gapped down to our profit target perfectly. We prepare to buy above major support at 87.00 (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 87.78 resistance (Fibonacci extension, horizontal swing high resistance, price gap).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a bounce from.
Reason for the trading strategy (technically):
Price has gapped down to our profit target perfectly. We prepare to buy above major support at 87.00 (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 87.78 resistance (Fibonacci extension, horizontal swing high resistance, price gap).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a bounce from.