AUDJPY Approaching Support, Prepare For A Bounce!
Buy above 81.91.
Stop loss at 81.39.
Take profit at 82.85.
Reason for the trading strategy (technically):
AUDJPY is approaching support at 81.91 (61.8% Fibonacci extension, 61.8% Fibonacci retracement x2, horizontal overlap support) where we expect price to bounce up to its resistance at 82.85 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 2.3% where a corresponding bounce could occur.
Stop loss at 81.39.
Take profit at 82.85.
Reason for the trading strategy (technically):
AUDJPY is approaching support at 81.91 (61.8% Fibonacci extension, 61.8% Fibonacci retracement x2, horizontal overlap support) where we expect price to bounce up to its resistance at 82.85 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 2.3% where a corresponding bounce could occur.