USD/JPY approaching profit target perfectly, prepare to sell

The price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension).

Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.

Sell below 112.53. Stop loss is at 113.41. Take profit is at 110.98.


The material has been provided by InstaForex Company -