AUDJPY Approaching Resistance, Prepare For A Reversal!
Sell below 80.79.
Stop loss 81.41.
Take profit at 79.65.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 80.79 (61.8% Fibonacci extension, 23.6% Fibonacci retracement x2, horizontal overlap resistance) where it is expected to reverse down to its support at 79.65 (100% Fibonacci extension).
Stochastic (34, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
Stop loss 81.41.
Take profit at 79.65.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 80.79 (61.8% Fibonacci extension, 23.6% Fibonacci retracement x2, horizontal overlap resistance) where it is expected to reverse down to its support at 79.65 (100% Fibonacci extension).
Stochastic (34, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.