theforexarmy

AUDJPY Is Approaching Support, Prepare For A Bounce

Long
FX:AUDJPY   Australian Dollar / Japanese Yen
Buy above 82.02. Stop loss 81.38. Take profit at 83.04.
Reason for the trading strategy (technically):
AUDJPY is approaching its support at 82.028 (61.8% Fibonacci retracement, 61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support) where we expect to see a bounce, causing price to rise to its resistance at 83.04 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 1.02% where we expect to see a corresponding bounce.

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