USDJPY has broken our key support level, time to start selling
Sell below 112.65. Stop loss at 113.51. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has broken our key support level triggering a bearish move from here. We look to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. We also see that is has dropped below 50% meaning it’s the start of a strong change in momentum.
Reason for the trading strategy (technically):
Price has broken our key support level triggering a bearish move from here. We look to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. We also see that is has dropped below 50% meaning it’s the start of a strong change in momentum.