FX.co ★ USD/JPY approaching our profit target, prepare to sell

Price has bounced up from our buying entry perfectly and is on track to our profit target. We prepare to sell below major resistance at 112.08 (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) for a drop towards 110.50 support (Fibonacci extension, horizontal overlap support).

Stochastic (34,5,3) is fast approaching our 93% resistance level where we expect a drop from.

Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.