Euro / Japanese YenShort
EURJPY approaching strong resistance, prepare to sell
Sell below 124.62. Stop loss at 125.21. Take profit at 123.19.
Reason for the trading strategy (technically):
Price is approaching strong resistance at 124.62 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect a drop from this level to at least 123.19 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below the 94% level where we expect a strong drop from.
Correlation analysis: AUDJPY and USDJPY are expecting bounces. So we have to exercise caution on this trade.
Reason for the trading strategy (technically):
Price is approaching strong resistance at 124.62 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect a drop from this level to at least 123.19 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below the 94% level where we expect a strong drop from.
Correlation analysis: AUDJPY and USDJPY are expecting bounces. So we have to exercise caution on this trade.
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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.