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14.09.2017 03:20 AM
USD/JPY approaching major resistance, remain bearish

Price continues to rise as we approach major resistance at 110.90 (Fibonacci retracement, multiple horizontal swing high resistance) and we expect a strong reaction from this level to push price down to 108.52 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,3,1) is seeing major resistance below 97% and we expect a drop from this level soon, similar to the one we're expecting on price.

Sell below 110.90. Stop loss at 111.84. Take profit at 108.52.

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Dean Leo,
Analytical expert of InstaForex
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