USDJPY profit target reached, time to turn bearish
Sell below 110.66. Stop loss at 111.25. Take profit at 109.14.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We now turn bearish with new elements coming into play. We look to sell below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to at least 109.14 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below our 96% level where we expect a strong drop from.
Correlation analysis: We’re expecting general JPY strength with a drop expected across AUDJPY and USDJPY today.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We now turn bearish with new elements coming into play. We look to sell below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to at least 109.14 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below our 96% level where we expect a strong drop from.
Correlation analysis: We’re expecting general JPY strength with a drop expected across AUDJPY and USDJPY today.