Sell below 125.80. Stop loss at 126.13. Take profit at 124.60.
Reason for the trading strategy (technically):
Price is approaching major resistance at 125.80 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off this level for a drop to at least 124.60 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,5,3) is seeing major resistance below the 96% level where we expect a drop from.
Correlation analysis: We’re expecting overall JPY strength today with drops expected on USDJPY and EURJPY.
Reason for the trading strategy (technically):
Price is approaching major resistance at 125.80 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off this level for a drop to at least 124.60 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,5,3) is seeing major resistance below the 96% level where we expect a drop from.
Correlation analysis: We’re expecting overall JPY strength today with drops expected on USDJPY and EURJPY.