Sell below 129.51. Stop loss at 130.03. Take profit at 128.11.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying level and is fast approaching our profit target. We prepare to sell on major resistance at 129.51 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 128.11 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a reaction off this level.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying level and is fast approaching our profit target. We prepare to sell on major resistance at 129.51 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 128.11 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,5,3) is seeing major resistance below 94% and we expect a reaction off this level.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.