USDJPY profit target reached perfectly, time to start selling

FX:USDJPY   US-Dollar / Japanischer Yen
Sell below 111.62. Stop loss at 112.18. Take profit at 110.49.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 111.62 ( Fibonacci retracement , minor pullback resistance) for a drop towards at least 110.49 support ( Fibonacci extension , horizontal swing low support).
Stochastic (55,5,3) is approaching major resistance at 94% where we have seen price react off multiple times historically.
Correlation analysis: We’re expecting general JPY weakness with drops expected on EURJPY and USDJPY .
So glad I closed my long :) When would you recommend entering the short, I mean as in waiting for confirmation - or you prefer to enter on the resistance line?
+2 Antworten
@AEFX786, Sorry just re-read your analysis, you're waiting to short from 111.62 that's what I wanted to know, thank you.
+1 Antworten
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