GBPJPY Approaching Resistance, Prepare For a Reversal
Sell below 153.90. Stop loss at 154.57. Take profit at 152.13.
Reason for the trading strategy (technically):
GBPJPY is approaching its resistance at 153.90 (76.4% Fibonacci retracement, multiple swing high resistance) where we expect prices to fall to its support at 152.13 (23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a similar reversal.
Reason for the trading strategy (technically):
GBPJPY is approaching its resistance at 153.90 (76.4% Fibonacci retracement, multiple swing high resistance) where we expect prices to fall to its support at 152.13 (23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a similar reversal.