AUDJPY right on strong support, time to buy
Buy above 85.88. Stop loss at 85.34. Take profit at 86.72.
Reason for the trading strategy (technically):
Price is now above major support at 85.88 (Fibonacci retracement, horizontal pullback support) and we expect to see a bounce from here to at least 86.72 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is seeing strong support above the 32% level where we expect a bounce from.
Reason for the trading strategy (technically):
Price is now above major support at 85.88 (Fibonacci retracement, horizontal pullback support) and we expect to see a bounce from here to at least 86.72 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is seeing strong support above the 32% level where we expect a bounce from.
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