MEX_Exchange

AUDJPY testing major support, prepare for a bounce

Pembelian
FX:AUDJPY   Dollar Australia / Yen Jepang
Buy above 84.57. Stop loss at 83.63. Take profit at 86.58.
Reason for the trading strategy (technically):
Price is now testing major support at 84.57 (Fibonacci retracement, Fibonacci extension, Impulsive Elliott wave structure) and we expect a bounce from here to push price up to at least 86.58 resistance (50% Fibonacci retracement, horizontal overlap resistance, corrective Elliott wave structure).
Stochastic (34,5,3) is seeing major support above 6.1% where a corresponding bounce could occur.


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