FX.co ★ USD/JPY profit target reached, remain bearish for a further drop

Price has dropped perfectly from our selling area last week and has reached our profit target. We remain bearish below major resistance at 110.75 (Fibonacci retracement, horizontal pullback resistance) for a further push down towards 111.37 support (Fibonacci extension, Elliott wave theory).

Stochastic (21,5,3) continues to see strong a downside pressure for a final push down in price.

Correlation analysis: We are seeing JPY strength with AUDJPY and USDJPY expecting drops.

Sell below 110.75. Stop loss at 111.37. Take profit at 109.80.