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Daily-EURJPY right below major resistance, prepare to sell on the break of support!

Published on: January 19, 2018

Sell below 136.09. Stop loss at 136.38. Take profit at 134.84.

Reason for the trading strategy (technically):

Price is testing major resistance below 136.09 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) and a drop could soon occur at this level. Our conviction for a drop would be greatly increased once our ascending support line is broken.

Stochastic (34,5,3) sees major resistance below 95% and also strong bearish divergence vs price signals that a reversal is impending.

Daily-USDCHF testing major support, prepare for a bounce

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Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.

Reason for the trading strategy (technically):

Price is testing major support at 0.9569 (ABC Fibonacci extension, 76.4% Fibonacci extension, horizontal swing low support) and we expect price to make a nice bounce above this level to push it up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 5.8% where a corresponding bounce is expected.

Daily-AUDJPY testing major resistance, prepare for a drop

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Sell below 88.98. Stop loss at 89.22. Take profit at 88.41.

Reason for the trading strategy (technically):

Price is testing major resistance at 88.98 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and we expect to see a strong reaction off this level to push price down towards 88.41 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance below 96% where further bearish momentum is expected.

EURUSD major support broken, prepare for a drop

Published on: January 18, 2018

Sell below 1.2203. Stop loss at 1.2253. Take profit at 1.2089.

Reason for the trading strategy (technically):

Price has broken major support-turned-resistance at 1.2203 (Fibonacci retracement, horizontal pullback resistance) and we expect this to trigger a strong sell off that would push price down to at least 1.2089 support (Fibonacci retracement, horizontal pullback support).

RSI (55) sees a bearish exit of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum from here.

USDJPY testing major resistance, prepare to sell

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Sell below 111.42. Stop loss at 111.73. Take profit at 110.61.

Reason for the trading strategy (technically):

Price is testing major resistance at 111.42 (Fibonacci retracement, bearish bar harmonic formation) and we expect to see a strong reaction off this level to push price down towards 110.94 before 110.61 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

EURJPY dropped perfectly, remain bearish for another drop

Published on: January 17, 2018

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.

Reason for the trading strategy (technically):

Price has dropped absolutely perfectly from our selling area yesterday and has since made an intermediate recovery. We’re back to testing our major resistance again and we look to sell below 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) for a strong drop towards 134.84 support (Fibonacci retracement) first.

Stochastic (55,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

AUDJPY dropped perfectly, remain bearish for a further drop

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Sell below 88.43. Stop loss at 88.70. Take profit at 87.24.

Reason for the trading strategy (technically):

Price has dropped perfectly from our selling area yesterday before bouncing above our ascending support line. This ascending support line would need to be broken to trigger a strong bearish move down. We still remain bearish looking to sell below major resistance at 88.43 (61.8% Fibonacci retracement, Elliott wave corrective structure) for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

USDJPY dropping from our pullback perfectly as expected, remain bearish

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Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.

Reason for the trading strategy (technically):

Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).

RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

EURJPY testing major resistance, time to sell

Published on: January 16, 2018

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.

Reason for the trading strategy (technically):

Price is now testing major resistance at 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) and we expect a strong drop from this level towards 134.84 support (Fibonacci retracement) first.

Stochastic (34,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

AUDJPY testing resistance, remain bearish

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Sell below 88.28. Stop loss at 88.70. Take profit at 87.24.

Reason for the trading strategy (technically):

Price continues to test major resistance at 88.28 (ABC Fibonacci extension, 50% Fibonacci retracement, Elliott wave corrective structure) and we remain bearish below this level for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

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