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MEX_Exchange
Dec 12, 2017 2:50 AM

AUDJPY rising nicely from our buying area, remain bullish Long

Australian Dollar/Japanese YenFXCM

Description

Buy above 84.78. Stop loss at 84.39. Take profit at 86.13.
Reason for the trading strategy (technically):
Price has continued to rise nicely from our buying entry. We remain bullish above 84.78 support (Fibonacci retracement, horizontal swing low support) for a further rise to at least 86.13 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (55,3,1) is seeing strong support above 1.4% and has good upside potential following the recent bounce.
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