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.
