MEX_Exchange
Short

USDJPY breaking out of our channel, watch for a strong drop

FX:USDJPY   US-Dollar / Japanischer Yen
Sell below 109.77. Stop loss at 110.29. Take profit at 108.53.
Reason for the trading strategy (technically):
Price has broken out of our channel triggering a bearish exit below 109.77 resistance ( Fibonacci retracement , horizontal swing high resistance) for a strong push down to 108.53 support ( Fibonacci extension , horizontal swing low support).
Stochastic (55,5,3) is seeing a nice reaction off our 96% resistance signalling that a reversal is occurring. We can also see good downside potential for the rest of our move.
https://telegram.me/fxtradingroom --> join the waiting list for our free live trading room!
with trade setups like these you have to wait for support to break first...
Antworten
Hey,

Check out my analysis - I went long at 108.9



Let me know what you think!

Cheers
Antworten
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