Sell below 88.31. Stop loss at 88.58. Take profit at 87.71.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below 88.31 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.71 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing intermediate resistance below 85% where we expect a drop from.
Correlation analysis: We are seeing intermediate JPY strength with corrections expected on AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below 88.31 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.71 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing intermediate resistance below 85% where we expect a drop from.
Correlation analysis: We are seeing intermediate JPY strength with corrections expected on AUDJPY and EURJPY.
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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.