AUDJPY approaching major resistance, prepare to sell
Sell below 89.31. Stop loss at 89.66. Take profit at 88.15.
Reason for the trading strategy (technically):
We prepare to sell below major resistance at 89.31 (Multiple Fibonacci extensions, swing high resistance) for a push down to at least 88.15 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect a reaction from soon.
Correlation analysis : AUDJPY looks like it has a little bit of a further upside before a drop, and this is in line with what we’re expecting on USDJPY’s recent rally.
Reason for the trading strategy (technically):
We prepare to sell below major resistance at 89.31 (Multiple Fibonacci extensions, swing high resistance) for a push down to at least 88.15 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect a reaction from soon.
Correlation analysis : AUDJPY looks like it has a little bit of a further upside before a drop, and this is in line with what we’re expecting on USDJPY’s recent rally.