Sell below 84.23. Stop loss at 84.64. Take profit at 83.27.
Reason for the trading strategy (technically):
Price has reached our selling area and is dropping nicely. We now remain bearish below major resistance at 84.23 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect price to react off this level and drop towards 83.27 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below the 92% level where we expect a drop from.
Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.
Reason for the trading strategy (technically):
Price has reached our selling area and is dropping nicely. We now remain bearish below major resistance at 84.23 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect price to react off this level and drop towards 83.27 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below the 92% level where we expect a drop from.
Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.