USDJPY dropping perfectly, remain bearish for a further drop
Sell below 112.69. Stop loss at 113.19. Take profit at 112.00
Reason for the trading strategy (technically):
Price has reached our selling area and dropped perfectly towards our profit target. We now look to sell on strength below major resistance at 112.69 (Fibonacci retracement, horizontal overlap resistance) for a push down towards 112.00 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely and has good downside potential.
Reason for the trading strategy (technically):
Price has reached our selling area and dropped perfectly towards our profit target. We now look to sell on strength below major resistance at 112.69 (Fibonacci retracement, horizontal overlap resistance) for a push down towards 112.00 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely and has good downside potential.