USD/JPY testing major resistance, remain bearish

The price has reached our profit target from last week and is now testing major resistance. We remain bearish looking to sell at the major resistance of 113.06 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and expect a drop towards at least 110.97 support (Fibonacci retracement, horizontal swing low support).

Traders Dynamic Index is starting to cross below its signal line in bearish territory, signaling that a drop is impending.

Stochastic (34,5,3) is seeing major resistance below 95% where we expect a drop from.

Sell below 113.06. Stop loss at 113.96. Take profit at 110.97.


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