Sell below 86.57. Stop loss at 85.42. Take profit at 87.17.
Reason for the trading strategy (technically):
Price has shot up perfectly from our buying are and has reached our profit target. We prepare to sell below strong resistance at 86.57 (Fibonacci retracement, Fibonacci extension) for a corrective drop towards 85.42 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 91% and we expect a drop from here.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price has shot up perfectly from our buying are and has reached our profit target. We prepare to sell below strong resistance at 86.57 (Fibonacci retracement, Fibonacci extension) for a corrective drop towards 85.42 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 91% and we expect a drop from here.
Correlation analysis: We’re seeing JPY strength with drops on AUDJPY and EURJPY.