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MEX_Exchange

AUDJPY testing major resistance, prepare for a drop

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea
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2
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea
Sell below 88.98. Stop loss at 89.22. Take profit at 88.41.
Reason for the trading strategy (technically)
Price is testing major resistance at 88.98 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and we expect to see a strong reaction off this level to push price down towards 88.41 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 96% where further bearish momentum is expected.
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