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USDJPY approaching profit target perfectly, prepare to sell

FX:USDJPY   Đô la Mỹ / Yên Nhật
Sell below 112.53. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 ( Fibonacci retracement , horizontal overlap resistance) for a push down to at least 110.98 support ( Fibonacci retracement , horizontal overlap support, Fibonacci extension ).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.
Phản hồi
Congrats brother. Another proven analysis indicating that we will hit 112.50 earlier! Will prepare to sell as per your plan.
Phản hồi
Hey, no offense, but you don't think USD/JPY might stop around 112? because that is where it's resisting the Daily downtrend line, and unless it breaks through that, i personally don't see it going to 112.5.
If it breaks through, we might even be looking at 113.

I took profit on my USD/JPY buy trade just now at 111.95, going to wait now to short.

Similarly, GBP/JPY and EUR/JPY are reaching resistance, so JPY might be heading down against these pairs.

Conclusion: If it consolidates here and resists the trend line, I will short USD/JPY here, Taking first profit at 111.65/111.70, and then at 111.

goodluck :)
Phản hồi
NannyOK skyisthelimit1
Phản hồi
@NannyOK, I am short now at 112.130. Very small size however. I will wait to see if it breaks trend line or not. If it does, I will add more shorts if it resists around 112.282 (0.382 Fib) and if it breaks through that, then heavy short around 112.740/113 area with a stop loss above.

So anything is possible, Mr. MEX_Exchange can very well be right also, I respect his analysis and opinion! Most important to be patient and safe.
Phản hồi
Is your EURUSD trade still active?
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