USD/JPY right at our selling area, time to turn bearish

FX:USDJPY   U.S. Dollar / Japanese Yen
162 0
Price has finally risen to our selling area. We turn bearish looking to sell below major resistance at 112.08 ( Fibonacci retracement , horizontal pullback resistance, Elliott wave theory) for a drop towards 110.50 support ( Fibonacci extension , horizontal overlap support).

Stochastic (55,5,3) is reversing below our 93% resistance as we expect a strong drop from here.

Correlation analysis: We're expecting general JPY strength with AUD/JPY and EUR/JPY expecting a drop too.

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