USDJPY Right On Major Support, Potential Bounce
USDJPY is now testing major swing low support and could see a nice bounce from here.
Buy above 105.56. Stop loss at 104.84. Take profit at 107.88.
Reason for the trading strategy (technically):
Price is seeing strong support above 105.56 (Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push prices up to next resistance at 107.88 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (55) sees an ascending support line hold up prices really well and is providing immediate support for our current idea.
Buy above 105.56. Stop loss at 104.84. Take profit at 107.88.
Reason for the trading strategy (technically):
Price is seeing strong support above 105.56 (Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push prices up to next resistance at 107.88 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (55) sees an ascending support line hold up prices really well and is providing immediate support for our current idea.