USDJPY Weekly View : Profit target reached, turn bearish
Sell below 114.95. Stop loss ta 116.15. Take profit at 111.70.
Reason for the trading strategy:
Price has shot up and reached our profit target perfectly. We now look to sell below major resistance at 114.95 (Fibonacci extension, horizontal resistance, descending resistance, Fibonacci retracement) for a push down to 111.70 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is also seeing major resistance at the 93% level where we hope to see a drop from.
Reason for the trading strategy:
Price has shot up and reached our profit target perfectly. We now look to sell below major resistance at 114.95 (Fibonacci extension, horizontal resistance, descending resistance, Fibonacci retracement) for a push down to 111.70 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is also seeing major resistance at the 93% level where we hope to see a drop from.
