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theforexarmy

AUDJPY profit target reached, time to turn bearish

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
theforexarmy  
FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY audjpyshort audjpyidea audjpydaily audjpynews audjpylong aud jpy audjpyanalysis audjpy1hr audjpylongsetup audjpysell audjpytrade
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audjpy audjpyshort audjpyidea audjpydaily audjpynews audjpylong aud jpy audjpyanalysis audjpy1hr audjpylongsetup audjpysell audjpytrade
Sell below 86.68. Stop loss at 87.10. Take profit at 85.90.
Reason for the trading strategy (technically):
Price made a bounce and reached our profit target perfectly yesterday. We now prepare to turn bearish below 86.68 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) for a further drop to 85.90 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing descending resistance hold price down.
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