AUDJPY bouncing nicely and making a bullish exit, remain bullish
Buy above 84.53. Stop loss at 83.57. Take profit at 86.67.
Reason for the trading strategy (technically):
Price has started to bounce nicely from our buying area and recent price action sees a bullish exit being triggered. We remain bullish above major support at 84.53 (Fibonacci retracement, long term horizontal overlap support, bullish divergence) for a push up to at least 86.67 resistance (Multiple Fibonacci retracements, horizontal pullback resistance).
Stochastic (89,3,1) is seeing bullish divergence vs price signalling that a reversal is impending. We can also see a bullish exit triggering further bullish momentum.
Reason for the trading strategy (technically):
Price has started to bounce nicely from our buying area and recent price action sees a bullish exit being triggered. We remain bullish above major support at 84.53 (Fibonacci retracement, long term horizontal overlap support, bullish divergence) for a push up to at least 86.67 resistance (Multiple Fibonacci retracements, horizontal pullback resistance).
Stochastic (89,3,1) is seeing bullish divergence vs price signalling that a reversal is impending. We can also see a bullish exit triggering further bullish momentum.