Sell below 124.41. Stop loss at 125.10. Take profit at 122.62.
Reason for the trading strategy (technically):
Price reached our selling area and is dropping nicely towards our profit target. The plan today is to remain bearish below major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support).
Stochastic (89,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending.
Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.
Reason for the trading strategy (technically):
Price reached our selling area and is dropping nicely towards our profit target. The plan today is to remain bearish below major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support).
Stochastic (89,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending.
Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.