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theforexarmy

USDJPY sell on strength for an intermediate drop

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
theforexarmy  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong USD jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpys
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1
usdjpy usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong usd jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpys
Sell below 114.56. Stop loss at 114.95. Take profit at 113.22.
Reason for the trading strategy (technically):
We look to sell at 114.56 resistance (Fibonacci retracement, Fibonacci projection) for a push down to 113.22 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing major resistance below the 94% level and also displays bearish divergence vs price.

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