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

The price has reacted very nicely off our selling area yesterday. We remain bearish looking to sell on major resistance at 129.60 (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 major resistance below 94% and we expect a reaction off this level.

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

Sell below 129.60. Stop loss is at 130.17. Take profit is at 128.11.