USDJPY approaching profit target perfectly, prepare to sell
Sell below 112.53. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.
Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.