EURJPY profit target reached perfectly, prepare to buy
Buy above 113.12. Stop loss at 132.78. Take profit at 134.13.
Reason for the trading strategy (technically):
Price has dropped nicely to our profit target. We prepare to buy above major support at 133.12 (Multiple Fibonacci retracement, horizontal swing low support) for a push up to at least 134.13 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 1.6% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has dropped nicely to our profit target. We prepare to buy above major support at 133.12 (Multiple Fibonacci retracement, horizontal swing low support) for a push up to at least 134.13 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 1.6% where we expect a corresponding bounce from.
Comment:
Whoo! We be bagging some serious pips here guys!