Sell below 111.56. Stop loss at 112.27. Take profit at 110.29.
Reason for the trading strategy (technically):
We remain bearish and continue to sell below 111.56 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 110.29 support (Fibonacci extension, horizontal pullback support, Elliott wave theory).
Stochastic (21,5,3) is reacting nicely off our intermediate resistance at 68% where we expect a further drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and USDJPY expecting drops.
Reason for the trading strategy (technically):
We remain bearish and continue to sell below 111.56 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 110.29 support (Fibonacci extension, horizontal pullback support, Elliott wave theory).
Stochastic (21,5,3) is reacting nicely off our intermediate resistance at 68% where we expect a further drop from.
Correlation analysis: We are seeing JPY strength with AUDJPY and USDJPY expecting drops.