Insulation overhang kitchen area from outside

I have a 2’x10′ area which is overhang and remains very cold durinng winter. I have access to the floor joists from basement underneath the overhang area and have stuffed enough insulation there. I wanted to insulate it also from outside and was planning to use pink fibreglass isulation wrapped in plastic sheets to make it waterproof and strap is from outside underneath the overhang area.

Any advise wheather it doable ? Any advise on how to do it and downside to this idea.

Update: Was asked if I was going to put nails through the sheets….

No, once I slip the insulation underneath (wrapped in plastic and sealed properly), I plan to slip couple of 2x6x10′ underneath and hang them on the side of the wall with nylon straps so the insulation is always pushed up and remains in good contact with the underside of the overhang.

the overhang is covered with some kind of plastic sheeting so no nails underneath to poke throug the plastic and the siding is extending approx 6" on all three sides.

The outside area of the overhang is covered with soffit material and the siding is extended on three sides approx 6 inches so there is a 6" deep pocket where the insulation can be tucked in.