AUDJPY dropping perfectly as expected, prepare to sell
Sell below 88.68. Stop loss at 89.40. Take profit at 87.91.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area as expected. We tighten our stop loss to protect our profits. Now we look to sell further when price breaks 88.68 support (Fibonacci retracement, double top confirmation) and we will ride the drop all the way down to 87.91 support (Fibonacci retracement, horizontal overlap support).
RSI (34) sees an ascending support line hold it up. Only a break of this ascending support would confirm the drop we’re expecting on AUDJPY.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area as expected. We tighten our stop loss to protect our profits. Now we look to sell further when price breaks 88.68 support (Fibonacci retracement, double top confirmation) and we will ride the drop all the way down to 87.91 support (Fibonacci retracement, horizontal overlap support).
RSI (34) sees an ascending support line hold it up. Only a break of this ascending support would confirm the drop we’re expecting on AUDJPY.