USDJPY right on major support, continue to buy
Buy above 112.55. Stop loss at 112.00. Take profit at 114.00.
Reason for the trading strategy (technically):
We remain bullish above major support at 112.55 (Fibonacci projection, multiple horizontal swing low supports) and we expect to see price make a bounce above this level towards 114.00 resistance (Fibonacci retracement, recent swing high resistance, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely above our 8% support and displays bullish divergence vs price which is a good signal of the bounce we expect from here.
Reason for the trading strategy (technically):
We remain bullish above major support at 112.55 (Fibonacci projection, multiple horizontal swing low supports) and we expect to see price make a bounce above this level towards 114.00 resistance (Fibonacci retracement, recent swing high resistance, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely above our 8% support and displays bullish divergence vs price which is a good signal of the bounce we expect from here.
