AUDJPY Approaching Resistance, Prepare For A Reversal
Sell below 81.82.
Stop loss 82.77.
Take profit at 80.73.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 81.82(100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 80.73 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding reversal is expected. We have also identified a bearish divergence with price that contributes to our bearish bias.
Stop loss 82.77.
Take profit at 80.73.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 81.82(100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 80.73 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding reversal is expected. We have also identified a bearish divergence with price that contributes to our bearish bias.