The price reversed nicely yesterday and is dropping nicely. We prepare to sell below resistance at 130.07 (Fibonacci retracement, horizontal overlap resistance, bearish price action, bearish divergence) for a push down to at least 128.92 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing a nice reversal below 94% and has bearish divergence vs price signaling that a strong reversal is fast approaching.
Correlation analysis: We're seeing JPY strength with drops on AUD/JPY, EUR/JPY, and USD/JPY.
Sell below 130.07. Stop loss is at 130.42. Take profit is at 128.92.
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