FX.co ★ EUR/JPY approaching major resistance, time to turn bearish

Price has shot up perfectly and reached our profit target from yesterday. We prepare to turn bearish below 122.71 major resistance (Fibonacci projection, rejection candlestick, bearish divergence vs RSI) for a drop towards at least 120.46.

RSI (34) displays major bearish divergence vs price signalling a major reversal is impending.

Sell below 112.71. Stop loss at 123.45. Take profit at 120.46.