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FX.co ★ USD/JPY right at our selling area, time to turn bearish

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.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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