FX.co ★ USD/JPY drop in progress, remain bearish

Price dropped perfectly as expected from our selling area towards our profit target. We tighten our stop loss to lock in profits. We are ready to sell again as sson as price reaches our 104.64 resistance (Fibonacci retracement, horizontal pullback resistance) where we would expect a further drop towards 103.35 target.RSI (21) has made a bearish exit, signalling a further drop is expected.

Sell below 104.64. Stop loss at 105.22. Take profit at 103.35.