USDJPY Strategic View: Profit target reached, remain bearish
Sell below 110.60. Stop loss at 112.20. Take profit at 108.15.
Reason for the trading strategy:
Price has dropped perfectly from last week and reached our profit target. We remain bearish looking for price to drop further below 110.60 resistance (Fibonacci retracement, long term descending resistance, horizontal overlap resistance) towards 108.15 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees pullback resistance at 56% level which is holding price down nicely.
Reason for the trading strategy:
Price has dropped perfectly from last week and reached our profit target. We remain bearish looking for price to drop further below 110.60 resistance (Fibonacci retracement, long term descending resistance, horizontal overlap resistance) towards 108.15 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees pullback resistance at 56% level which is holding price down nicely.