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MEX_Exchange

AUDJPY approaching major support, prepare to buy

Long
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 Forex forexsignals
69
3
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily forex forexsignals
Buy above 87.28. Stop loss at 87.03. Take profit at 87.75.
Reason for the trading strategy (technically):
Price is approaching major support at 87.28 (Fibonacci extension, Elliott wave structure, swing low support) and we expect to see a strong bounce above this level to push price up to at least 87.75 resistance (Fibonacci retracement, breakout pullback resistance).
Stochastic (34,3,1) is seeing strong support above 2.2% and we expect to see a corresponding bounce above this level.
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