EURJPY Testing Major Resistance, Prepare For A Reversal!
Sell below 131.45.
Stop loss 132.73.
Take profit at 129.35.
Reason for the trading strategy (technically):
EURJPY is approaching its resistance at 131.45 (100% Fibonacci extension, 76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance) where a reversal is expected, causing price to fall to its support at 129.35 (61.8% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 98%. We have also identifed a bearish divergence with price which contributes to our bearish bias.
Stop loss 132.73.
Take profit at 129.35.
Reason for the trading strategy (technically):
EURJPY is approaching its resistance at 131.45 (100% Fibonacci extension, 76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance) where a reversal is expected, causing price to fall to its support at 129.35 (61.8% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 98%. We have also identifed a bearish divergence with price which contributes to our bearish bias.