Price has reached our selling area and dropped perfectly from there towards our profit target. We remain bearish looking to sell below 88.83 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 87.65 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing a major resistance below 95% and we also see a bearish exit, signalling that a change in momentum has occurred. It still has some downside potential that goes in line with the drop we are expecting on price.
Correlation analysis: we are seeing JPY strength with AUD/JPY and USD/JPY expecting drops.
Sell below 88.83. Stop loss at 89.35. Take profit at 87.65.
