AUDJPY testing major support, time to start buying
Buy above 88.52. Stop loss at 87.89. Take profit at 89.66.
Reason for the trading strategy (technically):
Price is now testing major support at 88.52 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) and we expect to see a bounce above this level to push price up to 89.66 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing support above 5% and also sees bullish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is now testing major support at 88.52 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) and we expect to see a bounce above this level to push price up to 89.66 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing support above 5% and also sees bullish divergence vs price signalling that a reversal is impending.