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MEX_Exchange
Apr 24, 2018 2:31 AM

USDJPY Approaching Resistance, Prepare For a Reversal Short

U.S. Dollar/Japanese YenFXCM

Description

Sell below 109.19. Stop loss at 109.81. Take profit at 107.94.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 109.19 (76.4% Fibonacci retracement, 50% Fibonacci retracement, long term 61.8% Fibonacci extension) where we expect to see a reversal, pushing price down to its support at 107.94 (100% Fibonacci extension, 38.2% Fibonacci retracement, 61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 99% where we expect to see a corresponding reversal.
Comments
mynamearsalan
My trade is in minas
danielmulkerrins
spot on! well done on this on sir
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