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MEX_Exchange

EURJPY approaching major resistance, prepare to sell

Short
Euro / Japanese Yen (FX:EURJPY)  
MEX_Exchange  
FX:EURJPY   Euro / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns EURJPY EUR jpy eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpyforecast forexsignals
80
0
trendanalysis harmonicpatterns chartpattern eurjpy eur jpy eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpyforecast forexsignals
Sell below 134.53. Stop loss at 135.19. Take profit at 133.65.
Reason for the trading strategy (technically):
Price is approaching major resistance at 134.53 (Fibonacci extension, horizontal overlap resistance, Elliott wave structure) and we expect a strong reaction at this level to push price down towards 133.65 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is approaching major resistance at 95% where a corresponding reaction could occur.

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