AUDJPY bouncing off nicely from our support, remain bullish
Buy above 85.36. Stop loss at 84.39. Take profit at 86.67.
Reason for the trading strategy (technically):
Price has dropped to our buying entry and bounced off perfectly. We look to buy on dips above 85.36 support (Fibonacci retracement, horizontal pullback support, price gap) for a further push up to at least 86.67 resistance (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,3,1) warns that we are seeing immediate resistance so we should exercise caution on this trade.
Reason for the trading strategy (technically):
Price has dropped to our buying entry and bounced off perfectly. We look to buy on dips above 85.36 support (Fibonacci retracement, horizontal pullback support, price gap) for a further push up to at least 86.67 resistance (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,3,1) warns that we are seeing immediate resistance so we should exercise caution on this trade.