USDJPY approaching major resistance, prepare to sell
Sell below 113.91. Stop loss at 114.41. Take profit at 113.12.
Reason for the trading strategy (technically):
Price is approaching major resistance at 113.91 (Fibonacci retracement, Fibonacci extension, swing high resistance) and we expect to see a strong reaction off that level to push price down to at least 113.12 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 96% where we expect a further drop from.
Reason for the trading strategy (technically):
Price is approaching major resistance at 113.91 (Fibonacci retracement, Fibonacci extension, swing high resistance) and we expect to see a strong reaction off that level to push price down to at least 113.12 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 96% where we expect a further drop from.