We prepare to sell below 111.56 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 110.29 support (Fibonacci extension, horizontal pullback support, Elliott wave theory).
Stochastic (21,5,3) is reacting nicely off our 93% resistance with good downside potential.
Correlation analysis: We are seeing JPY strength with AUD/JPY, EUR/JPY and USD/JPY expecting drops.
Sell below 111.56. Stop loss is at 112.27. Take profit is at 110.29.
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