CHFJPY Reversed Nicely Off Resistance, Prepare For A Drop!
Sell below 110.74.
Stop loss 111.81.
Take profit at 109.70.
Reason for the trading strategy (technically):
CHFJPY reversed nicely off its resistance at 110.74 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a drop to its support at 109.70 (78.6% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (21, 5, 3) is approaching its resistance at 92% where a corresponding reaction could occur.
Stop loss 111.81.
Take profit at 109.70.
Reason for the trading strategy (technically):
CHFJPY reversed nicely off its resistance at 110.74 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a drop to its support at 109.70 (78.6% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (21, 5, 3) is approaching its resistance at 92% where a corresponding reaction could occur.