USDJPY dropping perfectly towards profit target, remain bearish
Sell below 110.34. Stop loss at 111.09. Take profit at 108.77.
Reason for the trading strategy (technically):
Price has dropped really nicely from our selling area yesterday. We remain bearish looking to sell below resistance at 110.34 (Fibonacci retracement, horizontal pullback resistance) for a further push down to at least 108.77 support (Fibonacci extension, horizontal swing low support). We shift our stop loss to 111.09 which was yesterday’s entry to protect our profits.
Stochastic (21,5,3) is turning down nicely from our 95% resistance level.
Reason for the trading strategy (technically):
Price has dropped really nicely from our selling area yesterday. We remain bearish looking to sell below resistance at 110.34 (Fibonacci retracement, horizontal pullback resistance) for a further push down to at least 108.77 support (Fibonacci extension, horizontal swing low support). We shift our stop loss to 111.09 which was yesterday’s entry to protect our profits.
Stochastic (21,5,3) is turning down nicely from our 95% resistance level.