NZDJPY Testing Resistance, Prepare For Reversal
Sell below 74.09.
Stop loss at 74.71.
Take profit at 73.07.
Reason for the trading strategy (technically):
NZDJPY is testing its resistance at 74.09(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 73.07(61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 74.71.
Take profit at 73.07.
Reason for the trading strategy (technically):
NZDJPY is testing its resistance at 74.09(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 73.07(61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.