EURJPY Approaching Resistance, Prepare For A Reversal
Sell below 129.67.
Stop loss 129.95.
Take profit at 129.04.
Reason for the trading strategy (technically):
EURJPY is approaching its resistance at 129.67 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 129.04 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
Stop loss 129.95.
Take profit at 129.04.
Reason for the trading strategy (technically):
EURJPY is approaching its resistance at 129.67 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 129.04 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.