4H RSI is just below 50 in bearish territory, 1H RSI is sitting comfortably in bearish territory a break of my diagnol support could trigger the pair to plummet, barring any intervention from the Japanese central bank.
My entry for this sell stop is at 74.624 just below the local low of 74.673
With such a far TP I'm going into this with a relatively small position and will be securing profit along the way with stop losses in profit at milestones (i.e. 100% fib support at 73.6767 and previous low 72.883) with a final TP of the 161.8% fib support at 68.0898.
Stop loss is set at the 78.6% fib resistance for a total R:R of 6.34
My entry for this sell stop is at 74.624 just below the local low of 74.673
With such a far TP I'm going into this with a relatively small position and will be securing profit along the way with stop losses in profit at milestones (i.e. 100% fib support at 73.6767 and previous low 72.883) with a final TP of the 161.8% fib support at 68.0898.
Stop loss is set at the 78.6% fib resistance for a total R:R of 6.34