USDJPY Approaching Support, Prepare For A Bounce!
Buy above 110.59.
Stop loss 109.96.
Take profit at 112.18.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce to its resistance at 112.18 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected. Ichimoku cloud is also showing signs of downward pressure.
Stop loss 109.96.
Take profit at 112.18.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce to its resistance at 112.18 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected. Ichimoku cloud is also showing signs of downward pressure.