EURJPY profit target reached perfectly, prepare to buy for a bou
Buy above 129.54. Stop loss at 129.20. Take profit at 130.50.
Reason for the trading strategy (technically):
Price has dropped from our selling area perfectly and reached our profit target. We prepare to buy above major support at 129.54 (Fibonacci retracement horizontal overlap support, Fibonacci extension) for a push up to at least 130.50 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above 7.5% where we expect a bounce from that corresponds to the bounce we’re expecting on price.
Reason for the trading strategy (technically):
Price has dropped from our selling area perfectly and reached our profit target. We prepare to buy above major support at 129.54 (Fibonacci retracement horizontal overlap support, Fibonacci extension) for a push up to at least 130.50 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above 7.5% where we expect a bounce from that corresponds to the bounce we’re expecting on price.