Sell below107.142. Stop loss at 107.341. Take profit at 106.649.
Reason for the trading strategy (technically):
USDJPY broke out of its ascending support where we look to sell on strength at 107.142. We expect prices to push down all the way to its support at 106.649 (38.2% Fibonacci retracement, horizontal overlap support).
RSI (55) shows a corresponding break out where we expect to see a similar drop.
Reason for the trading strategy (technically):
USDJPY broke out of its ascending support where we look to sell on strength at 107.142. We expect prices to push down all the way to its support at 106.649 (38.2% Fibonacci retracement, horizontal overlap support).
RSI (55) shows a corresponding break out where we expect to see a similar drop.