FX.co ★ USD/JPY profit target reached perfectly, time to start selling

USD/JPY has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 111.62 (Fibonacci retracement, minor pullback resistance) for a drop towards at least 110.49 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is approaching major resistance at 94% where we have seen the multiple price reaction.

Correlation analysis: We're expecting general JPY weakness with drops expected on EUR/JPY and USD/JPY.

Sell below 111.62. Set stop loss at 112.18 and take profit at 110.49.