FX.co ★ EUR/JPY approaching major resistance, prepare to sell

Price is approaching major resistance at 131.65 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off that level to push price down to at least 130.41 support (Fibonacci retracement, fibonacci extension).

Stochastic (34,3,1) is seeing major resistance below 96% and we expect a similar reaction off this level to follow the drop we're expecting on price.

Sell below 131.65. Stop loss at 131.99. Take profit at 130.41.