AUDJPY dropping nicely towards profit target, prepare to buy
Buy above 86.02. Stop loss at 85.72. Take profit at 87.01 and 87.38.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target. We prepare to buy above major support at 86.02 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a push up first to 87.01 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) before a further push up to 87.38 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 1.5% where we expect a further bounce from.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target. We prepare to buy above major support at 86.02 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a push up first to 87.01 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) before a further push up to 87.38 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 1.5% where we expect a further bounce from.