USDJPY dropping perfectly, remain bearish for a further drop.
Sell below 110.66. Stop loss at 111.25. Take profit at 108.23.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area as expected and is on track to reaching our profit target. We remain bearish below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area as expected and is on track to reaching our profit target. We remain bearish below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential.