AUDJPY approaching profit target as expected, prepare to sell
Sell below 88.88. Stop loss at 89.39. Take profit at 87.89.
Reason for the trading strategy (technically):
Price has continued to rise nicely towards our profit target since we caught the bounce perfectly. Today we change view and prepare to sell on major resistance at 88.88 (Fibonacci retracement, swing high resistance, channel resistance) to begin the drop towards 87.89 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we expect to see a nice drop from this level.
Reason for the trading strategy (technically):
Price has continued to rise nicely towards our profit target since we caught the bounce perfectly. Today we change view and prepare to sell on major resistance at 88.88 (Fibonacci retracement, swing high resistance, channel resistance) to begin the drop towards 87.89 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we expect to see a nice drop from this level.
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