FX.co ★ EUR/JPY bounced perfectly and reached our profit target, time to turn bearish

Price bounced perfectly above our buying level and reached our profit target. We now turn bearish below strong resistance at 122.21 (Fibonacci retracement, horizontal overlap resistance) for a drop to at least 121.11 support (Fibonacci retracement, Fibonacci projection, horizontal support).

Stochastic (21,5,3) is approaching 92% resistance from where we expect a reaction.

Sell below 122.21. Set stop loss at 122.68 and take profit at 121.11.