USDJPY profit target reached perfectly again, time to buyBuy above 112.58. Stop loss at 112.21. Take profit at 113.75.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target from yesterday. We turn bullish above 112.58 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to 113.75 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) is seeing strong support which is signalling to a price bounce.
Usdjpytrade
USDJPY bouncing nicely, remain bullishBuy above 111.35. Stop loss at 110.10. Take profit at 113.15.
Reason for the trading strategy (technically):
We remain bullish above 111.35 support (major Fibonacci retracement, horizontal overlap support, Fibonacci projection) for a push up to at least 113.15 resistance (Fibonacci retracement, swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 8% level.