Usdjpshort
USDJPY Is Testing Its Resistance, Prepare For a DropSell below 109.27. Stop loss at 109.88. Take profit at 107.94.
Reason for the trading strategy (technically):
USDJPY is testing its resistance at 109.27 (Long term 61.8% Fibonacci extension, 50% Fibonacci retracement, 78.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a drop to its support at 107.94 (100% Fibonacci extension, 38.2% Fibonacci retracement, 61.8% Fibonacci retracement). We do have to be cautious of the intermediate support at 108.47 (38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is testing its resistance at 99% where a corresponding reaction is expected.
USDJPY Bearish Butterfly and BatBearish Butterfly and Bat Sell
Bat Setup
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Sell at 117.269
Stop Loss at 117.85
Target 1 Fib (0.382%) 116.509
Target 2 Fib (0.618%) 116.054
If Bat pattern Fails than wait for the butterfly pattern to get in
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Butterfly Setup
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Sell at 119.102
Stop Loss at 119.611
Target 1 Fib (0.382%) 117.619
Target 2 Fib (0.618%) 116.689
Keep in mind the bullish Bat pattern on the 4hr chart do not set your targets bellow point D of that bat as chances are it will revers in that area.
