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EURJPY dropped perfectly, remain bearish for another drop

Jan. 17, 2018, 02:57

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.

Reason for the trading strategy (technically):

Price has dropped absolutely perfectly from our selling area yesterday and has since made an intermediate recovery. We’re back to testing our major resistance again and we look to sell below 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) for a strong drop towards 134.84 support (Fibonacci retracement) first.

Stochastic (55,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

Economic Calendar

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