USDJPY testing another major support, we prepare for a bounce
Buy above 110.88. Stop loss at 109.97. Take profit at 112.42.
Reason for the trading strategy (technically):
Price has dropped further and is now testing another key support level at 110.88 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level for a short term correction to at least 112.42 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing nice support above 1.2% where we expect a bounce from.
Reason for the trading strategy (technically):
Price has dropped further and is now testing another key support level at 110.88 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level for a short term correction to at least 112.42 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing nice support above 1.2% where we expect a bounce from.
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