AUDJPY profit target reached prepare to sell
Sell below 87.00. Stop loss at 87.25. Take profit at 86.01.
Reason for the trading strategy (technically):
Price has shot up perfectly and reached our first profit target. We prepare to sell below major resistance at 87.00 (Fibonacci retracement, descending resistance, horizontal overlap resistance, bearish price action) for a push down to at least 86.01 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a corresponding reaction similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price has shot up perfectly and reached our first profit target. We prepare to sell below major resistance at 87.00 (Fibonacci retracement, descending resistance, horizontal overlap resistance, bearish price action) for a push down to at least 86.01 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a corresponding reaction similar to the one we’re expecting on price.