MEX_Exchange
Short

EURJPY profit target reached perfectly, prepare for further drop

FX:EURJPY   Euro / Japanese Yen
Sell below 135.14. Stop loss at 135.53. Take profit at 134.28.
Reason for the trading strategy (technically):
Price has dropped perfectly as expected and reached our profit target. We now see major resistance at 135.14 ( Fibonacci retracement , horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 134.28 support ( Fibonacci retracement , horizontal pullback support).
RSI (34) sees a bearish exit recently signalling that we should be expecting some bearish momentum in line with what we’re seeing in price.
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