AUDJPY testing strong resistance, remain bearish
Sell below 89.11. Stop loss at 87.52. Take profit at 89.61.
Reason for the trading strategy (technically):
Price is testing major resistance at 89.11 (Fibonacci extension, swing high resistance) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has started dropping from our 98% resistance nicely.
Reason for the trading strategy (technically):
Price is testing major resistance at 89.11 (Fibonacci extension, swing high resistance) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has started dropping from our 98% resistance nicely.