USD/JPY approaching major resistance, prepare to sell

Price is approaching major resistance at 109.40 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level for a push down to at least 107.95 support (Fibonacci retracement, fill price gap, Fibonacci extension).

Stochastic (34,3,1) is seeing major resistance at 97% where we expect a reaction from similar to the one we're expecting on price.

Sell below 109.40. Stop loss at 109.95. Take profit at 107.95.


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