We prepare to sell on major resistance at 83.48 (Fibonacci retracement, Fibonacci extension) and expect a strong reaction from that level to drive price down to at least 82.80 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 91% level where we expect a further drop from.
Correlation analysis: Overall JPY strength is expected today with drops on AUD/JPY and USD/JPY. Furthermore, we expect AUD weakness with a drop on AUD/USD expected too.
Sell below 83.48. Stop loss at 83.93. Take profit at 82.80.
