USD/JPY has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 111.62 (Fibonacci retracement, minor pullback resistance) for a drop towards at least 110.49 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is approaching major resistance at 94% where we have seen the multiple price reaction.
Correlation analysis: We're expecting general JPY weakness with drops expected on EUR/JPY and USD/JPY.
Sell below 111.62. Set stop loss at 112.18 and take profit at 110.49.
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