FX.co ★ USD/JPY is reacting nicely off our resistance, remain bearish

Price has finally made a pullback to our major resistance at 107.60 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and is starting to react off it. We remain bearish looking for the price to make a push down to the 105.74 support (Fibonacci extension, horizontal swing low support) once again.

RSI (89) sees a long term descending resistance line providing downside pressure really well.

Sell below 107.60. Stop loss at 108.96. Take profit at 105.74.