EURJPY profit target reached once again, prepare to sell
Sell below 130.64. Stop loss at 131.15. Take profit at 129.37.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell once again on major resistance at 130.64 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a strong push down to at least 129.37 support (Fibonacci extension, horizontal swing low support, fill price gap).
Stochastic (34,3,1) is seeing major resistance below 96% and we expect a corresponding reaction off this level similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell once again on major resistance at 130.64 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a strong push down to at least 129.37 support (Fibonacci extension, horizontal swing low support, fill price gap).
Stochastic (34,3,1) is seeing major resistance below 96% and we expect a corresponding reaction off this level similar to the one we’re expecting on price.