AUD/JPY forming a very strong reversal signal, remain bearish
July 21, 2017 2:01 am
The price continues to test major resistance at 89.11 (Fibonacci extension, swing high resistance, bearish divergence) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) continues to test our 98% resistance where we expect a drop from. We can also see price form bearish divergence vs stochastic signaling that a reversal is fast approaching.
Sell below 89.11. Stop loss is at 87.52. Take profit is at 89.61.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price continues to test major resistance at 89.11 (Fibonacci extension, swing high resistance, bearish divergence) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) continues to test our 98% resistance where we expect a drop from. We can also see price form bearish divergence vs stochastic signaling that a reversal is fast approaching.
Sell below 89.11. Stop loss is at 87.52. Take profit is at 89.61.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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