Sell below 130.50. Stop loss at 130.81. Take profit at 129.61.
Reason for the trading strategy (technically):
Price is reacting off major resistance at 130.50 (Fibonacci extension, horizontal swing high resistance, bearish pride action) and we expect to see a reaction off this level for a drop towards 129.61 support (Fibonacci retracement, horizontal pullback support).
Stochastic (21,5,3) is seeing a reaction off our 95% resistance with good downside potential to play the drop in price.
Correlation analysis: We are seeing JPY strength with AUDJPY, EURJPY and USDJPY expecting drops.
Reason for the trading strategy (technically):
Price is reacting off major resistance at 130.50 (Fibonacci extension, horizontal swing high resistance, bearish pride action) and we expect to see a reaction off this level for a drop towards 129.61 support (Fibonacci retracement, horizontal pullback support).
Stochastic (21,5,3) is seeing a reaction off our 95% resistance with good downside potential to play the drop in price.
Correlation analysis: We are seeing JPY strength with AUDJPY, EURJPY and USDJPY expecting drops.