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Usdjpysetup

USDJPY dropping perfectly, remain bearish for a further drop.Sell below 110.66. Stop loss at 111.25. Take profit at 108.23. Reason for the trading strategy (technically): Price has dropped perfectly from our selling area as expected and is on track to reaching our profit target. We remain bearish below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential.
Short
by MEX_Exchange
USDJPY Strategic View: Profit target reached, remain bearishSell below 110.60. Stop loss at 112.20. Take profit at 108.15. Reason for the trading strategy: Price has dropped perfectly from last week and reached our profit target. We remain bearish looking for price to drop further below 110.60 resistance (Fibonacci retracement, long term descending resistance, horizontal overlap resistance) towards 108.15 support (Fibonacci extension, horizontal swing low support). RSI (34) sees pullback resistance at 56% level which is holding price down nicely.
Short
by MEX_Exchange
USDJPY profit target reached, time to turn bearishSell below 110.66. Stop loss at 111.25. Take profit at 109.14. Reason for the trading strategy (technically): Price has bounced up perfectly and reached our profit target. We now turn bearish with new elements coming into play. We look to sell below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to at least 109.14 support (Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance below our 96% level where we expect a strong drop from. Correlation analysis: We’re expecting general JPY strength with a drop expected across AUDJPY and USDJPY today.
Short
by MEX_Exchange