AUDJPY Testing Support, Prepare For A Bounce
Buy above 79.18.
Stop loss at 78.45.
Take profit at 80.68.
Reason for the trading strategy (technically):
AUDJPY is approaching its support at 79.18 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 80.68 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 3.7% where a corresponding bounce is expected.
Stop loss at 78.45.
Take profit at 80.68.
Reason for the trading strategy (technically):
AUDJPY is approaching its support at 79.18 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 80.68 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 3.7% where a corresponding bounce is expected.