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MEX_Exchange

AUDJPY profit target reached once again, prepare to sell

Short
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
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trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily forex forextrading
Sell below 87.74. Stop loss at 88.06. Take profit at 86.48.
Reason for the trading strategy (technically):
Price has reached our profit target once again. We prepare to sell below major resistance at 87.74 (Fibonacci retracement, Fibonacci extension) for a push down to at least 86.48 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing resistance at 95% where we expect a corresponding drop similar to the one we’re expecting on price.
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