USDJPY forming a nice reversal signal, time to start selling
Sell below 112.79. Stop loss at 113.02. Take profit at 112.40.
Reason for the trading strategy (technically):
Price is forming a nice reversal with a bearish bat formation occurring below major resistance at 112.79 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect a strong drop below this level to push price down to at least 112.40 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 93% where we expect a corresponding drop.
Reason for the trading strategy (technically):
Price is forming a nice reversal with a bearish bat formation occurring below major resistance at 112.79 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect a strong drop below this level to push price down to at least 112.40 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 93% where we expect a corresponding drop.