USDJPY at major resistance, prepare to sell
Sell below 114.25. Stop loss at 114.97. Take profit at 112.90.
Reason for the trading strategy (technically):
Price is testing major resistance at 114.25 (Fibonacci retracement, horizontal resistance) where we expect a reaction from and a drop to at least 112.90 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at the 67% level.
Reason for the trading strategy (technically):
Price is testing major resistance at 114.25 (Fibonacci retracement, horizontal resistance) where we expect a reaction from and a drop to at least 112.90 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at the 67% level.