AUDJPY profit target reached perfectly, prepare to buy
Buy above 86.02. Stop loss at 85.71. Take profit at 86.94.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area to our profit target. We prepare to buy above major support at 86.02 (Fibonacci retracement, horizontal overlap support) for a push up to at least 86.94 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing major support above 2% where we expect a corresponding bounce from.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area to our profit target. We prepare to buy above major support at 86.02 (Fibonacci retracement, horizontal overlap support) for a push up to at least 86.94 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing major support above 2% where we expect a corresponding bounce from.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.