USDJPY profit target reached perfectly, prepare to sell
Sell below 110.14. Stop loss at 110.67. Take profit at 108.75.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our selling area and has reached our profit target perfectly. We prepare to sell on major resistance at 110.14 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 108.75 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect to see a strong reaction under.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our selling area and has reached our profit target perfectly. We prepare to sell on major resistance at 110.14 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 108.75 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect to see a strong reaction under.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.