USDJPY bounced up perfectly to profit target, remain bullish
Buy above 111.38. Stop loss at 110.64. Take profit at 112.90.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and is fast approaching our first profit target. We remain bullish above 111.38 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 112.90 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and is fast approaching our first profit target. We remain bullish above 111.38 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 112.90 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected