AUDJPY approaching major resistance, remain bearish
Sell below 86.97. Stop loss at 87.70. Take profit at 85.74.
Reason for the trading strategy (technically):
Price has slowly crept up towards our selling area and we expect to see a drop on it soon. We remain bearish looking to sell below 86.97 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory) for a drop down towards 85.74 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below 98% and we expect a drop below this level.
Reason for the trading strategy (technically):
Price has slowly crept up towards our selling area and we expect to see a drop on it soon. We remain bearish looking to sell below 86.97 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory) for a drop down towards 85.74 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below 98% and we expect a drop below this level.