EURJPY shot up and reached our profit target perfectly, sell
Sell below 133.29. Stop loss at 133.96. Take profit at 131.90.
Reason for the trading strategy (technically):
Price has shot up from our buying area and reached our profit target perfectly. We prepare to sell on major resistance at 133.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push back down to at least 131.90 support (Fibonacci extension, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 98% and we expect to see a corresponding drop from this level soon.
Reason for the trading strategy (technically):
Price has shot up from our buying area and reached our profit target perfectly. We prepare to sell on major resistance at 133.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push back down to at least 131.90 support (Fibonacci extension, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 98% and we expect to see a corresponding drop from this level soon.