NZDJPY Approaching Resistance, Prepare For A Reversal
Sell below 74.13.
Stop loss 74.47.
Take profit at 73.15.
Reason for the trading strategy (technically):
NZDJPY is approaching its resistance at 74.13(61.8% Fibonacci extension x2, 38.2%, 61.8% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.15 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
Stop loss 74.47.
Take profit at 73.15.
Reason for the trading strategy (technically):
NZDJPY is approaching its resistance at 74.13(61.8% Fibonacci extension x2, 38.2%, 61.8% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.15 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
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