USD/JPY almost reached profit target. Take profits and turn bearish

Price shot up above our buy limit and is almost at our profit target. We turn bearish taking our profits and selling below 102.25 resistance (Fibonacci retracement, horizontal resistance) for a drop to 100.00 support.

RSI (21) is testing major resistance at 69% and is in an overbought area.

Stochastics (21,5,3) is right at 92% major resistance level too.

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Sell below 102.25 resistance. Stop loss is at 103.20. Take profit is at 100.00

The material has been provided by InstaForex Company – www.instaforex.com

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