USDJPY reacting nicely off our resistance, remain bearish
Intro: USDJPY has made a pullback to its previous breakout resistance and stalling, good entry opportunity.
Sell below 107.60. Stop loss at 108.96. Take profit at 105.74.
Reason for the trading strategy (technically):
Price has finally made a pullback to our major resistance at 107.60 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and is starting to react off it. We remain bearish looking for price to make a push 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.
Sell below 107.60. Stop loss at 108.96. Take profit at 105.74.
Reason for the trading strategy (technically):
Price has finally made a pullback to our major resistance at 107.60 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and is starting to react off it. We remain bearish looking for price to make a push 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.