USD/JPY forming a nice reversal signal, time to start selling

The price is forming a nice reversal with a bearish Bat formation below the major resistance at 112.79 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect a strong drop below this level to push the price down to at least the 112.40 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing the major resistance below 93% where we expect a corresponding drop.

Sell below 112.79. Stop loss at 113.02. Take profit at 112.40.


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