AUDJPY Approaching Resistance, Prepare For a Reversal
Sell below 83.56 Stop loss at 84.11. Take profit at 82.66.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 83.56 (100% Fibonacci extension, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) where we expect price to react off it, causing it to push down all the way to its support at 82.66 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 83.56 (100% Fibonacci extension, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) where we expect price to react off it, causing it to push down all the way to its support at 82.66 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.