EURJPY profit target reached perfectly, prepare for further drop
Sell below 135.14. Stop loss at 135.53. Take profit at 134.28.
Reason for the trading strategy (technically):
Price has dropped perfectly as expected and reached our profit target. We now see major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 134.28 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit recently signalling that we should be expecting some bearish momentum in line with what we’re seeing in price.
Reason for the trading strategy (technically):
Price has dropped perfectly as expected and reached our profit target. We now see major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 134.28 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit recently signalling that we should be expecting some bearish momentum in line with what we’re seeing in price.