USDJPY Is Approaching Resistance, Prepare For A Reversal!
Sell below 109.46. Stop Loss at 110.32. Take Profit at 107.83.
Reason for the trading strategy:
Price is testing its resistance at 109.46 (78.6% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance), where we expect to see a reversal, causing price to fall to its support at 107.83 (61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is testing its resistance at 96% where a corresponding reaction is expected. A bearish divergence with price has also been identified which contributes to our bearish bias.
Reason for the trading strategy:
Price is testing its resistance at 109.46 (78.6% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance), where we expect to see a reversal, causing price to fall to its support at 107.83 (61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is testing its resistance at 96% where a corresponding reaction is expected. A bearish divergence with price has also been identified which contributes to our bearish bias.