FX.co ★ EUR/JPY testing resistance, remain bearish

The 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, and horizontal support).

Stochastic (21,5,3) has reacted off our 92% resistance nicely and has good downside potential.

Sell below 122.21. Stop loss is at 122.68. Take profit is at 121.11.