Price has shot up and reached our profit target perfectly. We prepare to sell below 84.53 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 83.90 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a drop from.
Correlation analysis: We’re expecting general JPY strength with drops on EUR/JPY and AUD/JPY expected.
Sell below 84.53. Stop loss at 84.88. Take profit at 83.90.
The material has been provided by InstaForex Company – www.instaforex.com