AUDJPY Approaching Resistance, Prepare For A Reversal
Sell below 83.07. Stop loss at 83.39. Take profit at 82.48.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance where we look to sell on strength at 83.07 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance). We expect prices to react off it, pushing it all the way down to its support at 82.48 (50% Fibonacci retracement, 50% Fibonacci retracement, 76.4% Fibonacci retracement, multiple swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where we expect to see a corresponding reversal.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance where we look to sell on strength at 83.07 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance). We expect prices to react off it, pushing it all the way down to its support at 82.48 (50% Fibonacci retracement, 50% Fibonacci retracement, 76.4% Fibonacci retracement, multiple swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where we expect to see a corresponding reversal.