The price is reacting off major resistance at 130.50 (Fibonacci extension, horizontal swing high resistance, bearish pride action) and we expect to see a reaction off this level for a drop towards 129.61 support (Fibonacci retracement, horizontal pullback support).
Stochastic (21,5,3) is seeing a reaction off our 95% resistance with good downside potential to play the drop in price.
Correlation analysis: We are seeing JPY strength with AUD/JPY, EUR/JPY and USD/JPY expecting drops.
Sell below 130.50. Stop loss is at 130.81. Take profit is at 129.61.
The material has been provided by InstaForex Company - www.instaforex.com
