USD/JPY testing major resistance, prepare to sell

THe price is approaching major resistance at 110.88 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a bearish reaction off this level for a drop to at least 109.67 support (Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) is reversing nicely below our 97% resistance level and we expect to see a corresponding drop in price from here.

Sell below 110.88. Stop loss is at 111.44. Take profit is at 109.67.

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