USDJPY profit target reached, prepare to turn bearish
Sell below 114.03. Stop loss at 114.43. Take profit at 113.05.
Reason for the trading strategy (technically):
Price has bounced up and reached our profit target perfectly. We prepare to turn bearish below 114.03 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 113.05 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing strong resistance below the 97% level.
Reason for the trading strategy (technically):
Price has bounced up and reached our profit target perfectly. We prepare to turn bearish below 114.03 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 113.05 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing strong resistance below the 97% level.
