AUDJPY prepare to sell on break of major support
AUDJPY has broke our intermediate support but still has to break a big support level to open a bearish move.
Sell below 83.30. Stop loss at 84.06. Take profit at 81.58.
Reason for the trading strategy (technically):
Price has made a bearish exit of our ascending support-turned-resistance line and still has one major resistance to break to open a big bearish drop. We look to sell on the break of 83.30 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a drop all the way to 81.58 support (Fibonacci extension, horizontal swing low support).
RSI (34) has made a similar bearish exit signalling that a drop could also be on the horizon.
Sell below 83.30. Stop loss at 84.06. Take profit at 81.58.
Reason for the trading strategy (technically):
Price has made a bearish exit of our ascending support-turned-resistance line and still has one major resistance to break to open a big bearish drop. We look to sell on the break of 83.30 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a drop all the way to 81.58 support (Fibonacci extension, horizontal swing low support).
RSI (34) has made a similar bearish exit signalling that a drop could also be on the horizon.