EUR/JPY approaching major level of resistance, prepare to sell

Price is approaching a major level of resistance at 128.95 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a push down to first 127.56 support (Fibonacci retracement, horizontal swing low support) before 127.04 (Fibonacci extension).

Stochastic (34,5,3) is seeing the major resistance below 93% and we expect to see a strong reaction from this level.

Sell below 128.95. Stop loss at 129.54. Take profit at 127.56 and 127.04.


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