AUD/JPY dropped perfectly towards profit target, remain bearish
Sell below 85.75. Stop loss at 86.51. Take profit at 83.87.
Reason for the trading strategy (technically):
AUDJPY dropped absolutely perfectly once it reached our selling area and is close to our profit target. We remain bearish below 85.75 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) to play the continued drop to at least 83.87 support (Fibonacci extension, horizontal support).
Stochastic (55,5,3) has turned down from our 96% resistance level perfectly and has good downside potential
Reason for the trading strategy (technically):
AUDJPY dropped absolutely perfectly once it reached our selling area and is close to our profit target. We remain bearish below 85.75 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) to play the continued drop to at least 83.87 support (Fibonacci extension, horizontal support).
Stochastic (55,5,3) has turned down from our 96% resistance level perfectly and has good downside potential