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USDJPY testing major resistance, prepare to sell

Jan. 18, 2018, 04:18

Sell below 111.42. Stop loss at 111.73. Take profit at 110.61.

Reason for the trading strategy (technically):

Price is testing major resistance at 111.42 (Fibonacci retracement, bearish bar harmonic formation) and we expect to see a strong reaction off this level to push price down towards 110.94 before 110.61 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

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