USD/JPY dropping perfectly, remain bearish

The price has reacted perfectly from our major resistance at 107.60 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and is dropping nicely towards our profit target. We tighten our stop loss to 108.02 to protect our profits and remain bearish looking for the price to make a push down to 105.74 support (Fibonacci extension, horizontal swing low support) once again.

RSI (89) sees a long term descending resistance line, providing downside pressure really well.

Sell below 107.60. Stop loss is at 108.02. Take profit lies at 105.74.


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