USDJPY sell on strength for an intermediate drop
Sell below 114.56. Stop loss at 114.95. Take profit at 113.22.
Reason for the trading strategy (technically):
We look to sell at 114.56 resistance (Fibonacci retracement, Fibonacci projection) for a push down to 113.22 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing major resistance below the 94% level and also displays bearish divergence vs price.
Reason for the trading strategy (technically):
We look to sell at 114.56 resistance (Fibonacci retracement, Fibonacci projection) for a push down to 113.22 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing major resistance below the 94% level and also displays bearish divergence vs price.
