AUDJPY testing major resistance, time to go short
Sell below 88.09. Stop loss at 88.71. Take profit at 86.69.
Reason for the trading strategy (technically):
Price is testing major resistance at 88.09 (Fibonacci retracement, horizontal swing high resistance) and we expect a strong drop from this level towards 86.69 support (Fibonacci retracement, horizontal support).
Stochastic (55,3,1) is seeing major resistance at 99% and is starting to drop nicely signalling a further drop could be expected.
Reason for the trading strategy (technically):
Price is testing major resistance at 88.09 (Fibonacci retracement, horizontal swing high resistance) and we expect a strong drop from this level towards 86.69 support (Fibonacci retracement, horizontal support).
Stochastic (55,3,1) is seeing major resistance at 99% and is starting to drop nicely signalling a further drop could be expected.