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MEX_Exchange

AUDJPY approaching major resistance, prepare for a drop!

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpylong audjpyshort audjpysell audjpydaily audjpynews forexsignals
87
0
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpylong audjpyshort audjpysell audjpydaily audjpynews forexsignals
Sell below 88.41. Stop loss at 88.76. Take profit at 87.49.
Reason for the trading strategy (technically):
Price is approaching major resistance at 88.41 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect a strong reaction off this level to push price down towards 87.49 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur.
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