USDJPY approaching profit target perfectly, prepare to sell
Sell below 113.06. Stop loss at 113.96. Take profit at 110.97.
Reason for the trading strategy (technically):
Price has continued to rise perfectly towards our profit target. We prepare to sell below major resistance at 113.06 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and expect a drop towards at least 110.97 support (Fibonacci retracement, horizontal swing low support).
RSI (34) remains above our 52% support which is the key level to break to open our drop.
Reason for the trading strategy (technically):
Price has continued to rise perfectly towards our profit target. We prepare to sell below major resistance at 113.06 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and expect a drop towards at least 110.97 support (Fibonacci retracement, horizontal swing low support).
RSI (34) remains above our 52% support which is the key level to break to open our drop.