USDJPY right below major resistance, time to sell!
Sell below 113.10. Stop loss at 113.50. Take profit at 112.08.
Reason for the trading strategy (technically):
Price is now testing major resistance at 113.10 (Fibonacci retracement, Multiple Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction from this level to drive price down to at least 112.08 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (34,3,1) is seeing major resistance at 98% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price is now testing major resistance at 113.10 (Fibonacci retracement, Multiple Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction from this level to drive price down to at least 112.08 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (34,3,1) is seeing major resistance at 98% where we expect a corresponding reaction from.