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MEX_Exchange

USDJPY change in structure, 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 usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpylongsetup usdjpybuy Forex forextrading
3
0
trendanalysis harmonicpatterns chartpattern usdjpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpylongsetup usdjpybuy forex forextrading
Sell below 111.56. Stop loss at 112.27. Take profit at 110.29.
Reason for the trading strategy (technically):
We prepare to sell below 111.56 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 110.29 support (Fibonacci extension, horizontal pullback support, Elliott wave theory).
Stochastic (21,5,3) is reacting nicely off our 93% resistance with good downside potential.
Correlation analysis: We are seeing JPY strength with AUDJPY, EURJPY and USDJPY expecting drops.
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