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MEX_Exchange

AUDJPY approaching major resistance, prepare to sell

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea audjpybreakout audjpyanalysis
3
0
audjpy audjpyshort audjpylong audjpysell audjpydaily audjpynews audjpyidea audjpybreakout audjpyanalysis
Sell below 85.06. Stop loss at 05.25. Take profit at 84.38.
Reason for the trading strategy (technically):
Price is approaching major resistance at 85.06 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction from this level for a drop to at least 84.38 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing strong resistance below 96% where we expect a further drop from.
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