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theforexarmy

AUDJPY testing resistance, remain bearish

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
theforexarmy  
FX:AUDJPY   Australian Dollar / Japanese Yen
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Sell below 86.52. Stop loss at 86.75. Take profit at 85.63.
Reason for the trading strategy (technically):
We remain bearish below 86.52 resistance (Fibonacci projection, Fibonacci retracement) for a drop to 85.63 first (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.

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AUDJPY profit target reached, prepare to turn bearish
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