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MEX_Exchange

AUDJPY testing strong resistance, remain bearish

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea Forex forextrading
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trendanalysis harmonicpatterns chartpattern audjpy audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea forex forextrading
Sell below 89.11. Stop loss at 87.52. Take profit at 89.61.
Reason for the trading strategy (technically):
Price is testing major resistance at 89.11 (Fibonacci extension, swing high resistance) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has started dropping from our 98% resistance nicely.
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