EURJPY position closed in profit, prepare to start selling
Sell below 133.41. Stop loss at 134.30. Take profit at 131.96.
Reason for the trading strategy (technically):
Price has shot up and is reaching our profit target. We look to close off our position and start selling because of the changing elements. The goal is to sell below 133.41 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 131.96 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees major resistance at 68% and is fast approaching that level where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price has shot up and is reaching our profit target. We look to close off our position and start selling because of the changing elements. The goal is to sell below 133.41 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 131.96 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees major resistance at 68% and is fast approaching that level where we expect a corresponding reaction from.