USDJPY profit target reached perfectly, prepare to sell
Sell below 114.51. Stop loss at 114.91. Take profit at 113.44.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 114.51 (Fibonacci retracement, horizontal swing high resistance) for a push down to at least 113.44 support (Fibonacci retracement, horizontal pullback support, price gap).
Stochastic (21,3,1) is testing major resistance at 99% and we expect to see a reaction soon.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 114.51 (Fibonacci retracement, horizontal swing high resistance) for a push down to at least 113.44 support (Fibonacci retracement, horizontal pullback support, price gap).
Stochastic (21,3,1) is testing major resistance at 99% and we expect to see a reaction soon.