EUR/JPY reversing from major resistance, remain bearish

Price is reversing very nicely below major resistance at 131.96 (Fibonacci extension, Elliott wave theory) and we expect a strong reaction from this level to push price down to at least 130.71 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support).

Stochastic (34,3,1) is once again approaching our 96% resistance where we expect a second reaction from.

Sell below 131.96. Stop loss at 132.40. Take profit at 130.71.


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