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theforexarmy

EURJPY profit target reached perfectly, time to sell

Short
Euro / Japanese Yen (FX:EURJPY)  
theforexarmy  
FX:EURJPY   Euro / Japanese Yen
EURJPY eurjpyshort eurjpyidea eurjpydaily eurjpynews eurjpylong EUR jpy eurjpyanalysis eurjpy1hr eurjpylongsetup eurjpysell eurjpysignal
5
4
eurjpy eurjpyshort eurjpyidea eurjpydaily eurjpynews eurjpylong eur jpy eurjpyanalysis eurjpy1hr eurjpylongsetup eurjpysell eurjpysignal
Sell below 120.23. Stop loss at 120.70. Take profit at 119.44.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.
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