AUDJPY dropped perfectly, remain bearish for a further drop
Sell below 88.43. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday before bouncing above our ascending support line. This ascending support line would need to be broken to trigger a strong bearish move down. We still remain bearish looking to sell below major resistance at 88.43 (61.8% Fibonacci retracement, Elliott wave corrective structure) for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday before bouncing above our ascending support line. This ascending support line would need to be broken to trigger a strong bearish move down. We still remain bearish looking to sell below major resistance at 88.43 (61.8% Fibonacci retracement, Elliott wave corrective structure) for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.