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MEX_Exchange
Mar 9, 2018 2:19 AM

AUDJPY testing strong resistance, prepare to sell Short

Australian Dollar/Japanese YenFXCM

Description

AUDJPY is seeing multiple strong resistances giving us a good opportunity to sell.

Sell below 83.30. Stop loss at 84.27. Take profit at 81.58.
Reason for the trading strategy (technically):
Price is testing major resistance at 83.30 (Multiple Fibonacci retracement, horizontal overlap resistance, descending resistance) and a strong reaction could occur at this level to push price down to 81.58 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is also seeing major resistance below 88-95% resistance where a corresponding drop could occur.
Comments
Aqua_Trader
set for higher highs in my opinion...
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