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Audjpybuy

AUDJPY Right On Major Resistance, Time To SellAUDJPY is testing major resistance and looks poised to drop strongly! Sell below 83.35. Stop loss at 84.02. Take profit at 82.25. Reason for the trading strategy (technically): Price is testing major resistance at 83.35 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance, bearish divergence, descending resistance) and a strong reaction from here would push prices down to major support at 82.25 (Fibonacci retracement, horizontal swing low support, Fibonacci extension). Stochastic (55,5,3) sees major resistance below 96% where a corresponding reaction could occur. We are also seeing bearish divergence vs price signalling that a reversal is impending.
Short
by theforexarmy
2618 on AUDJPYHi guys, this is a crucial zone on AUDJPY and i was monitoring this specific price level because we've had multiple structure points on the daily. Therefore i was looking for a buying opportunity, since the overall trend is bullish. When i went on the hourly chart i noticed a double bottom formation followed by a break of structure to the upside. This gives me reason to believe we're heading higher, and i entered at market with stops below the lows, and targets as shown. If you want to ask questions or share ideas, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
AUDJPY right on major support, remain bullishBuy above 85.60. Stop loss at 84.88. Take profit at 86.97. Reason for the trading strategy (technically): Price is right on our buying area. We remain bullish above major support at 85.60 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we look to buy on weakness at this level for a bounce to at least 86.97 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is seeing strong support above 7% which stochastic is fast approaching. We can also see recent bullish divergence signalling that a bounce is impending.
Long
by MEX_Exchange