AUDJPY Broke Out Of Its Ascending Support
Sell below 83.311. Stop loss at 83.659. Take profit at 82.652.
Reason for the trading strategy (technically):
AUDJPY broke out of its ascending support where we look to sell on strength at 83.311 (23.6% Fibonacci retracement, horizontal overlap resistance). We expect prices to push down all the way to its support at 82.652.
RSI (89) shows a corresponding break out where we expect to see a similar drop.
Reason for the trading strategy (technically):
AUDJPY broke out of its ascending support where we look to sell on strength at 83.311 (23.6% Fibonacci retracement, horizontal overlap resistance). We expect prices to push down all the way to its support at 82.652.
RSI (89) shows a corresponding break out where we expect to see a similar drop.