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MEX_Exchange

USDJPY approaching major resistance, prepare to sell

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
154
5
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily forex forextrading
Sell below 114.49. Stop loss at 115.19. Take profit at 113.16.
Reason for the trading strategy (technically):
Price is now approaching major resistance at 114.49 (Fibonacci retracement, Fibonacci extension, major swing high resistance) and we expect to see a strong reaction off this level to push price down to 113.16 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,3,1) is approaching major resistance at 97% where we expect a corresponding reaction from.
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