AUDJPY strong resistance broken, time to start buying
Buy above 87.93. Stop loss at 87.20. Take profit at 88.82.
Reason for the trading strategy (technically):
Price has broken a strong resistance level which has led to a change in our momentum from bearish to bullish. We prepare to buy on dips above 87.93 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 88.82 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (34) sees an ascending support channel supporting our bullish momentum view.
Reason for the trading strategy (technically):
Price has broken a strong resistance level which has led to a change in our momentum from bearish to bullish. We prepare to buy on dips above 87.93 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 88.82 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (34) sees an ascending support channel supporting our bullish momentum view.