USDJPY right on resistance once again, remain bearish
Sell below 112.70. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has shot down and bounced up to our selling area once again. We look to sell on major resistance at 112.70 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a strong drop from.
Reason for the trading strategy (technically):
Price has shot down and bounced up to our selling area once again. We look to sell on major resistance at 112.70 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a strong drop from.