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MEX_Exchange
Oct 27, 2017 2:38 AM

USDJPY approaching major resistance, prepare to sell Short

U.S. Dollar/Japanese YenFXCM

Description

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