AUDJPY profit target reached once again, prepare to sell
Sell below 87.86. Stop loss at 88.28. Take profit at 86.67.
Reason for the trading strategy (technically):
Price has bounced up perfectly as expected and has reached our profit target. We prepare to sell on major resistance at 87.86 (Fibonacci extension, horizontal swing high resistance, fill price gap) for a strong drop to at least 86.67 support (Fibonacci retracement, horizontal swing low support, fill price gap).
RSI (34) sees a long term descending resistance as immediate resistance.
Reason for the trading strategy (technically):
Price has bounced up perfectly as expected and has reached our profit target. We prepare to sell on major resistance at 87.86 (Fibonacci extension, horizontal swing high resistance, fill price gap) for a strong drop to at least 86.67 support (Fibonacci retracement, horizontal swing low support, fill price gap).
RSI (34) sees a long term descending resistance as immediate resistance.