USDJPY Approaching Resistance, Prepare For a Reversal
Sell below 109.19. Stop loss at 109.81. Take profit at 107.94.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 109.19 (76.4% Fibonacci retracement, 50% Fibonacci retracement, long term 61.8% Fibonacci extension) where we expect to see a reversal, pushing price down to its support at 107.94 (100% Fibonacci extension, 38.2% Fibonacci retracement, 61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 99% where we expect to see a corresponding reversal.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 109.19 (76.4% Fibonacci retracement, 50% Fibonacci retracement, long term 61.8% Fibonacci extension) where we expect to see a reversal, pushing price down to its support at 107.94 (100% Fibonacci extension, 38.2% Fibonacci retracement, 61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 99% where we expect to see a corresponding reversal.