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theforexarmy

EURJPY Approaching Resistance, Prepare For A Reversal!

Short
Euro / Japanese Yen (OANDA:EURJPY)  
theforexarmy  
OANDA:EURJPY   Euro / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns EURJPY EUR jpy eurjpyshort Forex forexsignals
3
0
trendanalysis harmonicpatterns chartpattern eurjpy eur jpy eurjpyshort forex forexsignals
Sell below 126.94.
Stop loss 127.73.
Take profit at 124.84.
Reason for the trading strategy (technically):
EURJPY is approaching its resistance at 126.94 (100% Fibonacci extension, 23.6% Fibonacci retracement x2, horizontal overlap resistance) where it is expected to reverse down to its support at 124.84 (100% Fibonacci extension).
Stochastic (34, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
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