Price continues to drop slowly from our selling area. We remain bearish 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 EUR/JPY expecting a drop too.
Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price continues to drop slowly from our selling area. We remain bearish 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 EUR/JPY expecting a drop too.
Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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