MEX_Exchange
Short

USDJPY approaching major resistance, prepare to sell

FX:USDJPY   U.S. Dollar / Japanese Yen
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.

Comments

thank you for the great analysis
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thx thx from India, we appreciate all e work u r doing. Please keep posting...
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How do you keep doing all this analysis? It is great, love your passion for the markets MEX_Exchange!
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sending thanks for the good analysis as always!
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thank you! please share more of your views!
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