AUDJPY profit target has been reached perfectly, prepare to sell
Sell below 87.39. Stop loss at 88.08. Take profit at 86.02
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and has reached our profit target. We prepare to sell on major resistance at 87.39 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 86.02 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing resistance at 93% and we expect a corresponding reaction off that level similar to the one we expect on price.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and has reached our profit target. We prepare to sell on major resistance at 87.39 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 86.02 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing resistance at 93% and we expect a corresponding reaction off that level similar to the one we expect on price.