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MEX_Exchange

USDJPY right on resistance once again, remain bearish

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 USD (US Dollar) usdjpydaily usdjpybuy
54
3
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usd-us-dollar usdjpydaily usdjpybuy
Sell below 112.70. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has shot down and bounced up to our selling area once again. We look to sell on major resistance at 112.70 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a strong drop from.
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