USDJPY Testing Major Resistance, Prepare For A Reversal!
Sell below 112.14.
Stop loss 113.03.
Take profit at 110.43.
Reason for the trading strategy (technically):
USDJPY is testing its resistance at 112.14 (100% Fibonacci extension x3, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse back down to its support at 110.43 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
Stop loss 113.03.
Take profit at 110.43.
Reason for the trading strategy (technically):
USDJPY is testing its resistance at 112.14 (100% Fibonacci extension x3, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse back down to its support at 110.43 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.