Price is now testing major resistance at 84.33 (Fibonacci extension, Elliott wave theory) and we expect a drop from this level to at least 82.83 support (Fibonacci retracement, Horizontal swing low support, Elliott wave theory).
Stochastic (55,5,3) is seeing major resistance below the 93% where we expect a drop from.
Correlation analysis: we suppose overall weakness in commodity currencies (AUD, NZD) while foreseeing further strength on JPY which goes well for the drop we expect on AUD/JPY.
Sell below 84.33. Stop loss at 85.26. Take profit at 82.83.
