USDJPY right on major support, remain bullish
Buy above 111.11. Stop loss at 109.95. Take profit at 112.53.
Reason for the trading strategy (technically):
Price has started to bounce off our entry level perfectly. We remain bullish looking to buy above major support at 111.11 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) for a corrective bounce up to at least 112.53 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has started to bounce off our entry level perfectly. We remain bullish looking to buy above major support at 111.11 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) for a corrective bounce up to at least 112.53 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from.