Price has tested our selling area and is dropping nicely from there. We remain bearish below major resistance at 125.55 (Fibonacci extension, Elliott wave theory, swing high resistance, bearish divergence) for a strong push down to at least 124.72 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is dropping nicely from our 94% resistance with good downside potential.
Correlation analysis: We’re expecting general JPY strength with USD/JPY expecting a drop too.
Sell below 125.55. Stop loss at 126.09. Take profit at 124.72.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price has tested our selling area and is dropping nicely from there. We remain bearish below major resistance at 125.55 (Fibonacci extension, Elliott wave theory, swing high resistance, bearish divergence) for a strong push down to at least 124.72 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is dropping nicely from our 94% resistance with good downside potential.
Correlation analysis: We’re expecting general JPY strength with USD/JPY expecting a drop too.
Sell below 125.55. Stop loss at 126.09. Take profit at 124.72.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: