AUDJPY right on major support, remain bullish
Buy above 85.60. Stop loss at 84.88. Take profit at 86.97.
Reason for the trading strategy (technically):
Price is right on our buying area. We remain bullish above major support at 85.60 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we look to buy on weakness at this level for a bounce to at least 86.97 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing strong support above 7% which stochastic is fast approaching. We can also see recent bullish divergence signalling that a bounce is impending.
Reason for the trading strategy (technically):
Price is right on our buying area. We remain bullish above major support at 85.60 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we look to buy on weakness at this level for a bounce to at least 86.97 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing strong support above 7% which stochastic is fast approaching. We can also see recent bullish divergence signalling that a bounce is impending.