Sell below 129.60. Stop loss at 130.17. Take profit at 128.11.
Reason for the trading strategy (technically):
Price has reacted very nicely off our selling area yesterday. We remain bearish looking to sell on major resistance at 129.60 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 128.11 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a reaction off this level.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.
Reason for the trading strategy (technically):
Price has reacted very nicely off our selling area yesterday. We remain bearish looking to sell on major resistance at 129.60 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 128.11 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a reaction off this level.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY, EURJPY and USDJPY.