AUD/JPY testing major resistance, prepare to sell

The price is approaching major resistance at 89.11 (Multiple Fibonacci retracements, horizontal pullback resistance, Fibonacci extension, bearish divergence) and we expect to see a short-term correction from this level to push the price down to at least 88.36 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level. We’re also seeing bearish divergence vs price signaling that a reversal is impending.

Sell below 89.11. Stop loss is at 89.38. Take profit is at 88.36.

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