NZDJPY Approaching Resistance, Prepare For A Reversal
Sell below 74.11.
Stop loss 74.50.
Take profit at 73.19.
Reason for the trading strategy (technically):
NZDJPY is approaching its resistance at 74.11 (61.8% Fibonacci extensionx2, 61.8%, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.19 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
Stop loss 74.50.
Take profit at 73.19.
Reason for the trading strategy (technically):
NZDJPY is approaching its resistance at 74.11 (61.8% Fibonacci extensionx2, 61.8%, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.19 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
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