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MEX_Exchange
Jul 11, 2017 12:37 AM

AUDJPY approaching major resistance, remain bearish Short

Australian Dollar/Japanese YenFXCM

Description

Sell below 86.97. Stop loss at 87.70. Take profit at 85.74.
Reason for the trading strategy (technically):
Price has slowly crept up towards our selling area and we expect to see a drop on it soon. We remain bearish looking to sell below 86.97 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory) for a drop down towards 85.74 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below 98% and we expect a drop below this level.
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