Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 111.62 ( , minor pullback resistance) for a drop towards at least 110.49 support ( , horizontal swing low support).
(55,5,3) is approaching major resistance at 94% where we have seen price react off multiple times historically.
Correlation analysis: We’re expecting general JPY weakness with drops expected on EURJPY and USDJPY .