USD/JPY profit target reached perfectly, prepare to sell once again
February 7, 2018 5:21 am
The price has dropped perfectly and reached our profit target. We are now seeing a bounce and price approaching major resistance at 110.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur from this level to push the price down to at least 108.54 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees multiple reactions off 63% where we expect a corresponding reaction from once price rises to our selling area.
Sell below 110.29. Stop loss at 111.29. Take profit at 108.54.
The material has been provided by InstaForex Company – www.instaforex.com
The price has dropped perfectly and reached our profit target. We are now seeing a bounce and price approaching major resistance at 110.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur from this level to push the price down to at least 108.54 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees multiple reactions off 63% where we expect a corresponding reaction from once price rises to our selling area.
Sell below 110.29. Stop loss at 111.29. Take profit at 108.54.
The material has been provided by InstaForex Company – www.instaforex.com
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