AUDJPY dropping perfectly as expected, remain bearish looking
Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support (Fibonacci retracement, Fibonacci extension, horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support (Fibonacci retracement, Fibonacci extension, horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.