AUDJPY forming a nice reversal pattern, remain bullish
Buy above 88.04. Stop loss at 87.59. Take profit at 89.09.
Reason for the trading strategy (technically):
Price is finishing its triangle configuration which is a sign that a reversal is impending. We look to buy above support (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and play the breakout from the triangle towards 89.09 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major support above 7% and we expect a stronger bounce above this level soon.
Reason for the trading strategy (technically):
Price is finishing its triangle configuration which is a sign that a reversal is impending. We look to buy above support (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and play the breakout from the triangle towards 89.09 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major support above 7% and we expect a stronger bounce above this level soon.