USD/JPY reacting off major resistance, remain bearish

Price has risen to our selling area as expected. We remain bearish below major resistance at 110.90 (Fibonacci retracement, multiple horizontal swing high resistance) and we expect a strong reaction from this level to push price down to 108.52 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,3,1) is seeing major resistance below 97% and we expect a drop from this level soon, similar to the one we're expecting on price.

Sell below 110.90. Stop loss at 111.84. Take profit at 108.52.

analytics59bb2f4217b29.png

The material has been provided by InstaForex Company - www.instaforex.com