USDJPY Approaching Resistance, Prepare For A Reversal!
Sell below 112.19.
Stop loss 112.66.
Take profit at 111.25.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 112.19 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance) where a reversal is expected, causing price to fall to its support at 111.25 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
Stop loss 112.66.
Take profit at 111.25.
Reason for the trading strategy (technically):
USDJPY is approaching its resistance at 112.19 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance) where a reversal is expected, causing price to fall to its support at 111.25 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.