AUDJPY profit target reached perfectly, prepare to sell
Sell below 89.25. Stop loss at 89.67. Take profit at 87.91.
Reason for the trading strategy (technically):
Price touched our buying area and shot up perfectly to our profit target. We prepare to sell below 89.25 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 87.91 support (Fibonacci retracement, horizontal overlap support)
RSI (34) sees horizontal resistance at 64% and we expect a reaction off this level to push price down correspondingly.
Reason for the trading strategy (technically):
Price touched our buying area and shot up perfectly to our profit target. We prepare to sell below 89.25 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 87.91 support (Fibonacci retracement, horizontal overlap support)
RSI (34) sees horizontal resistance at 64% and we expect a reaction off this level to push price down correspondingly.