GBPJPY Reversed Off Major Resistance, Prepare For A Drop!
Sell below 148.78.
Stop loss at 150.09.
Take profit at 146.72.
Reason for the trading strategy (technically):
GBPJPY reversed nicely off its resistance at 148.78 (100% & 61.8% Fibonacci extension, 76.4%, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a further drop to its support at 146.72 (38.2% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (89, 5, 3) reversed nicely off its resistance at 98% where a corresponding drop could occur.
Stop loss at 150.09.
Take profit at 146.72.
Reason for the trading strategy (technically):
GBPJPY reversed nicely off its resistance at 148.78 (100% & 61.8% Fibonacci extension, 76.4%, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a further drop to its support at 146.72 (38.2% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (89, 5, 3) reversed nicely off its resistance at 98% where a corresponding drop could occur.