FX.co ★ USD/JPY profit target reached perfectly, prepare to sell once again

The price has dropped perfectly and reached our profit target. We are now seeing a bounce and price approaching major resistance at 110.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur from this level to push the price down to at least 108.54 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees multiple reactions off 63% where we expect a corresponding reaction from once price rises to our selling area.

Sell below 110.29. Stop loss at 111.29. Take profit at 108.54.