AUDJPY approaching strong support, prepare to buy
Buy above 85.68. Stop loss at 85.29. Take profit at 86.33.
Reason for the trading strategy (technically):
Price is approaching major support at 85.68 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we expect to see a bounce above this level for a corrective move up to at least 86.33 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is approaching major support at 1.2% where we expect a bounce from.
Correlation analysis: We’re seeing bounces both on AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price is approaching major support at 85.68 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we expect to see a bounce above this level for a corrective move up to at least 86.33 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is approaching major support at 1.2% where we expect a bounce from.
Correlation analysis: We’re seeing bounces both on AUDJPY and EURJPY.