AUDJPY testing major resistance, remain bearish
Sell below 87.39. Stop loss at 88.08. Take profit at 86.32.
Reason for the trading strategy (technically):
Price is testing major resistance at 87.39 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a reaction from this level for a drop to at least 86.32 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 96% where we expect to see a corresponding reaction in price from.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.
Reason for the trading strategy (technically):
Price is testing major resistance at 87.39 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a reaction from this level for a drop to at least 86.32 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 96% where we expect to see a corresponding reaction in price from.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.