MEX_Exchange
Short

USDJPY approaching profit target perfectly, prepare to sell

FX:USDJPY   U.S. Dollar / Japanese Yen
Sell below 112.53. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 ( Fibonacci retracement , horizontal overlap resistance) for a push down to at least 110.98 support ( Fibonacci retracement , horizontal overlap support, Fibonacci extension ).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.
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Congrats brother. Another proven analysis indicating that we will hit 112.50 earlier! Will prepare to sell as per your plan.
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Hey, no offense, but you don't think USD/JPY might stop around 112? because that is where it's resisting the Daily downtrend line, and unless it breaks through that, i personally don't see it going to 112.5.
If it breaks through, we might even be looking at 113.

I took profit on my USD/JPY buy trade just now at 111.95, going to wait now to short.

Similarly, GBP/JPY and EUR/JPY are reaching resistance, so JPY might be heading down against these pairs.

Conclusion: If it consolidates here and resists the trend line, I will short USD/JPY here, Taking first profit at 111.65/111.70, and then at 111.

goodluck :)
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NannyOK skyisthelimit1
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@NannyOK, I am short now at 112.130. Very small size however. I will wait to see if it breaks trend line or not. If it does, I will add more shorts if it resists around 112.282 (0.382 Fib) and if it breaks through that, then heavy short around 112.740/113 area with a stop loss above.

So anything is possible, Mr. MEX_Exchange can very well be right also, I respect his analysis and opinion! Most important to be patient and safe.
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Is your EURUSD trade still active?
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