Sell below 88.34. Stop loss at 88.70. Take profit at 87.65.
Reason for the trading strategy (technically):
Price has continued to drop nicely towards our profit target. We remain bearish looking to sell below 88.34 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing intermediate resistance below 45% where we expect a further drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and EURJPY expecting drops.
Reason for the trading strategy (technically):
Price has continued to drop nicely towards our profit target. We remain bearish looking to sell below 88.34 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing intermediate resistance below 45% where we expect a further drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and EURJPY expecting drops.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.