AUDJPY plunged perfectly to profit target, prepare for a bounce
AUDJPY has reached our profit target and is poised for a bounce.
Buy above 81.47. Stop loss at 80.75. Take profit at 83.31.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to buy above 81.47 support (Fibonacci extension, major horizontal swing low support) for a bounce up to 83.31 (Fibonacci retracement, horizontal overlap resistance). We do have to be caution of intermediate resistance at 82.56.
Stochastic (34,5,3) is seeing major support above 6% where a corresponding bounce could occur.
Buy above 81.47. Stop loss at 80.75. Take profit at 83.31.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to buy above 81.47 support (Fibonacci extension, major horizontal swing low support) for a bounce up to 83.31 (Fibonacci retracement, horizontal overlap resistance). We do have to be caution of intermediate resistance at 82.56.
Stochastic (34,5,3) is seeing major support above 6% where a corresponding bounce could occur.
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