MEX_Exchange

EURJPY testing major resistance, prepare to sell

Short
FX:EURJPY   Euro / Japanese Yen

Sell below 135.14. Stop loss at 135.67. Take profit at 134.28.
Reason for the trading strategy (technically):
Price is testing major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 134.28 support (Fibonacci retracement, horizontal overlap support). Our stop loss is at 135.67 to give our trade more breathing space.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.

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.