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MEX_Exchange

EURJPY profit target reached perfectly. Prepare to sell

Short
Euro / Japanese Yen (FX:EURJPY)  
MEX_Exchange  
FX:EURJPY   Euro / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns EURJPY eurjpyshort eurjpylong EUR jpy eurjpysignal eurjpytrade Forex forextrading
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trendanalysis harmonicpatterns chartpattern eurjpy eurjpyshort eurjpylong eur jpy eurjpysignal eurjpytrade forex forextrading
Sell below 130.87. Stop loss at 131.41. Take profit at 130.04.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target. We remain bearish below 130.87 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect a strong reaction from this level to push price down to 130.04 support (Fibonacci extension, horizontal overlap support).
RSI (34) sees descending resistance pushing price down really well. It also has good downside potential for a further drop.
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