AUDJPY profit target reached, prepare to turn bearish
Sell below 86.31. Stop loss at 86.75. Take profit at 85.32.
Reason for the trading strategy (technically):
Price bounced up perfectly as expected and reached our profit target. We now prepare to turn bearish below 86.31 resistance (Fibonacci projection, Fibonacci retracement, horizontal pullback resistance) for a drop to 85.32 (Fibonacci projection, horizontal support).
Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.
Reason for the trading strategy (technically):
Price bounced up perfectly as expected and reached our profit target. We now prepare to turn bearish below 86.31 resistance (Fibonacci projection, Fibonacci retracement, horizontal pullback resistance) for a drop to 85.32 (Fibonacci projection, horizontal support).
Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.
