EURJPY profit target reached perfectly, prepare to sell
Sell below 132.27. Stop loss at 132.67. Take profit at 131.19.
Reason for the trading strategy (technically):
Price is approaching major resistance at 132.27 (Fibonacci retracement, horizontal swing high resistance) and we expect to see a strong reaction off this level for price to resume its drop towards 131.19 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price is approaching major resistance at 132.27 (Fibonacci retracement, horizontal swing high resistance) and we expect to see a strong reaction off this level for price to resume its drop towards 131.19 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding reaction from.