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MEX_Exchange

USDJPY Strategic View: Prepare to sell below major resistance

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MEX_Exchange  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily Forex forextrading
60
0
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily forex forextrading

Sell below 113.76. Stop loss at 114.54. Take profit at 112.13.
Reason for the trading strategy:
Price is approaching major resistance at 113.76 (76.4% Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 112.13 support (Fibonacci retracement, multiple horizontal swing low support).
Stochastic (55,3,1) is dropping nicely from our 97% resistance with good downside potential.
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