USDJPY Testing Support, Prepare For A Bounce
Buy above 110.49.
Stop loss at 110.23.
Take profit at 110.90.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.49 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 110.90 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected.
Stop loss at 110.23.
Take profit at 110.90.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.49 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 110.90 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.