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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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USD/JPY right at our selling area, time to turn bearish

Price has finally risen to our selling area. We turn bearish looking to sell below major resistance at 112.08 (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) for a drop towards 110.50 support (Fibonacci extension, horizontal overlap support).

Stochastic (55,5,3) is reversing below our 93% resistance as we expect a strong drop from here.

Correlation analysis: We're expecting general JPY strength with AUD/JPY and EUR/JPY expecting a drop too.

Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.

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