AUDJPY dropping perfectly from our selling area, remain bearish
Sell below 88.83. Stop loss at 89.35. Take profit at 87.65.
Reason for the trading strategy (technically):
Price has reached our selling area and dropped perfectly from there towards our profit target. We remain bearish looking to sell below 88.83 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% and we also see a bearish exit signalling that a change in momentum has occurred. It still has some downside potential that goes in line with the drop we’re expecting on price.
Correlation analysis: We are seeing JPY strength with AUDJPY and USDJPY expecting drops.
Reason for the trading strategy (technically):
Price has reached our selling area and dropped perfectly from there towards our profit target. We remain bearish looking to sell below 88.83 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% and we also see a bearish exit signalling that a change in momentum has occurred. It still has some downside potential that goes in line with the drop we’re expecting on price.
Correlation analysis: We are seeing JPY strength with AUDJPY and USDJPY expecting drops.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.