GBPJPY Setting Up Nicely For A Plunge
GBPJPY is right on major resistance and is setting up nicely for a plunge from here.
Sell below 149.86. Stop loss at 150.76. Take profit at 147.14.
Reason for the trading strategy (technically):
Price is seeing major resistance below 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong drop from here could push prices all the way down to major support at 147.14 (Fibonacci extension, horizontal swing low support, Fibonacci extension).
Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
Sell below 149.86. Stop loss at 150.76. Take profit at 147.14.
Reason for the trading strategy (technically):
Price is seeing major resistance below 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong drop from here could push prices all the way down to major support at 147.14 (Fibonacci extension, horizontal swing low support, Fibonacci extension).
Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
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