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MEX_Exchange

AUDJPY prepare to buy on breakout resistance

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 forextrading
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11
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily forex forextrading
Buy above 87.30. Stop loss at 86.93. Take profit at 87.75.
Reason for the trading strategy (technically):
Price has dropped strongly from last week. We look to buy once price breaks above major resistance at 87.30 (Fibonacci retracement, horizontal overlap resistance, bullish divergence) for a push up to at least 87.75 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2% and also sees bullish divergence vs price signalling that a reversal is impending.
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