EUR/JPY approaching major resistance, prepare to sell

Price is approaching major resistance at 131.65 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off that level to push price down to at least 130.41 support (Fibonacci retracement, fibonacci extension).

Stochastic (34,3,1) is seeing major resistance below 96% and we expect a similar reaction off this level to follow the drop we're expecting on price.

Sell below 131.65. Stop loss at 131.99. Take profit at 130.41.


The material has been provided by InstaForex Company -