USD/JPY reacting off our selling area, remain bearish
April 27, 2017 10:42 am
Price has reached our selling area and reacted off it. We remain bearish below major resistance at 111.37 (Fibonacci retracement, horizontal resistance, Fibonacci extension) and we expect a reaction below this level for a drop to at least 109.41 support (Fibonacci retracement, horizontal overlap support, price gap).
Stochastic (34,5,3) is seeing major resistance at 91% where we expect a drop from. It has also made a bearish exit signalling that a change in momentum is impending.
Sell below 111.37. Stop loss at 112.27. Take profit at 109.41.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price has reached our selling area and reacted off it. We remain bearish below major resistance at 111.37 (Fibonacci retracement, horizontal resistance, Fibonacci extension) and we expect a reaction below this level for a drop to at least 109.41 support (Fibonacci retracement, horizontal overlap support, price gap).
Stochastic (34,5,3) is seeing major resistance at 91% where we expect a drop from. It has also made a bearish exit signalling that a change in momentum is impending.
Sell below 111.37. Stop loss at 112.27. Take profit at 109.41.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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