Technical analysis of USD/JPY for December 27, 2016

The pair continues to drop towards our profit target. We remain bearish below 117.90 resistance (Fibonacci retracement, horizontal swing high resistance, descending resistance) for a drop towards 116.14 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support).

The RSI (34) is seeing descending resistance holding the price down.

Sell below 117.90. Stop loss at 118.28. Take profit at 116.14.

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