Source: Forex Analysis
Price has broken a really nice ascending support-turned-resistance line triggering a bearish move. We prepare 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 major resistance below 95% and we also see a bearish exit signalling that a change in momentum has occurred.
Correlation analysis: we are seeing JPY strength with AUD/JPY and USD/JPY to drop.
Sell below 88.83. Stop loss at 89.35. Take profit at 87.65.
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