AUDJPY profit target reached perfectly, prepare to turn bearish
Sell below 87.48. Stop loss at 87.80. Take profit at 86.39.
Reason for the trading strategy (technically):
Price bounced up perfectly and reached our profit target as expected. We now prepare to turn bearish below 87.48 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to 86.39 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement)>
Stochastic (21,5,3) is seeing strong resistance below the 97% level.
Reason for the trading strategy (technically):
Price bounced up perfectly and reached our profit target as expected. We now prepare to turn bearish below 87.48 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to 86.39 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement)>
Stochastic (21,5,3) is seeing strong resistance below the 97% level.
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