FX.co ★ USD/JPY change in structure, prepare to sell

We prepare to sell below 111.56 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 110.29 support (Fibonacci extension, horizontal pullback support, Elliott wave theory).

Stochastic (21,5,3) is reacting nicely off our 93% resistance with good downside potential.

Correlation analysis: We are seeing JPY strength with AUD/JPY, EUR/JPY and USD/JPY expecting drops.

Sell below 111.56. Stop loss is at 112.27. Take profit is at 110.29.