theforexarmy
Short

GBPJPY Reversed Off Resistance, Prepare For Further Drop

FX:GBPJPY   British Pound / Japanese Yen
Sell below 145.64.
Stop loss at 147.13.
Take profit at 143.81.
Reason for the trading strategy (technically):
GBPJPY reversed off its resistance at 145.64 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal swing high resistance) where it is expected to drop further to its support at 143.81 (38.2% Fibonacci retracement , horizontal swing low support).
Stochastic (89, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected
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