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MEX_Exchange

AUDJPY approaching strong support, prepare to buy

Long
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpyshort audjpylong audjpysell audjpydaily Forex forextrading
3
0
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily forex forextrading
Buy above 87.91. Stop loss at 87.45. Take profit at 88.56.
Reason for the trading strategy (technically):
Price is approaching major support at 87.91 (Fibonacci retracement, horizontal pullback support) and we expect a strong bounce from this level to push price up to at least 88.56 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) still remains above our ascending support which is holding up our bullish momentum really nicely. Only a break of that ascending support line would trigger a bearish change in momentum.
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