AUDJPY breaking out as expected, remain bullish
Buy above 88.04. Stop loss at 87.59. Take profit at 89.09.
Reason for the trading strategy (technically):
Price has finally made a bullish exit of its triangle formation. We remain bullish looking to buy above support (Fibonacci retracement, Fibonacci extension, horizontal swing low support, bullish divergence) and play the breakout from the triangle towards 89.09 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (55,3,1) is seeing major support above 7% and also sees bullish divergence vs price signalling that a reversal is fast approaching.
Reason for the trading strategy (technically):
Price has finally made a bullish exit of its triangle formation. We remain bullish looking to buy above support (Fibonacci retracement, Fibonacci extension, horizontal swing low support, bullish divergence) and play the breakout from the triangle towards 89.09 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (55,3,1) is seeing major support above 7% and also sees bullish divergence vs price signalling that a reversal is fast approaching.
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