EURJPY profit target reached once again, prepare to sell
Sell below 130.78. Stop loss at 131.08. Take profit at 129.96.
Reason for the trading strategy (technically):
Price has bounced above our buying entry and is fast approaching our profit target once again. We prepare to sell below major resistance at 130.78 (Fibonacci extension, horizontal swing high resistance) for a drop towards 129.96 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 94% where we expect a strong drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and EURJPY expecting drops. We are also expecting EUR weakness with strong resistance seen on EURUSD and EURJPY.
Reason for the trading strategy (technically):
Price has bounced above our buying entry and is fast approaching our profit target once again. We prepare to sell below major resistance at 130.78 (Fibonacci extension, horizontal swing high resistance) for a drop towards 129.96 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 94% where we expect a strong drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and EURJPY expecting drops. We are also expecting EUR weakness with strong resistance seen on EURUSD and EURJPY.