Intro: EURJPY is testing strong descending resistance presenting us with a good opportunity to enter this short trade.
Sell below 131.24. Stop loss at 132.26. Take profit at 129.45.
Reason for the trading strategy (technically):
Price is testing strong resistance at 131.24 (Multiple Fibonacci retracement, Fibonacci extension, descending resistance) and a strong reaction could occur at this level to push price down to 129.45 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
Sell below 131.24. Stop loss at 132.26. Take profit at 129.45.
Reason for the trading strategy (technically):
Price is testing strong resistance at 131.24 (Multiple Fibonacci retracement, Fibonacci extension, descending resistance) and a strong reaction could occur at this level to push price down to 129.45 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
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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.
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.