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

The price has bounced up perfectly from our buying level and is fast approaching our profit target. We prepare to sell on major resistance at 129.51 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 128.11 support (Fibonacci extension, horizontal swing low support) once again.

Stochastic (34,5,3) is seeing the major resistance below 94% and we expect a reaction off this level.

Correlation analysis: We're seeing JPY strength with drops on AUD/JPY and EUR/JPY.

Sell below 129.51. Set stop loss at 130.03 and take profit at 128.11.