USDJPY Approaching Resistance, Prepare For A Reversal!
Sell below 112.08.
Stop loss 112.66.
Take profit at 110.85.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 112.08 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 110.85 (61.8% Fibonacci extension).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
Stop loss 112.66.
Take profit at 110.85.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 112.08 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 110.85 (61.8% Fibonacci extension).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.