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MEX_Exchange

USDJPY approaching major resistance, prepare to sell

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MEX_Exchange  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpyanalysis usdjpylong usdjpydaily usdjpybuy forexsignals
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpyanalysis usdjpylong usdjpydaily usdjpybuy forexsignals
Intro: USDJPY is making a pullback to its previous breakout level, providing a good selling opportunity.

Sell below 107.60. Stop loss at 108.96. Take profit at 105.74.
Reason for the trading strategy (technically):
Price is approaching major resistance at 107.60 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and a strong reaction from here would push price down to 105.74 support (Fibonacci extension, horizontal swing low support) once again.
RSI (89) sees a long term descending resistance line provide downside pressure really well.
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