USD/JPY testing major resistance, prepare to sell

The price is now testing major resistance at 110.42 (Fibonacci retracement, horizontal overlap resistance, fake channel reintegration) and we expect a strong reaction from here to push the price down towards 107.62 support (Fibonacci extension, horizontal swing low support, channel exit potential).

RSI (55) sees a descending resistance line hold price down really well and we expect further bearish momentum.

Sell below 110.42. Stop loss at 111.32. Take profit at 107.62.

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