USDJPY looking to buy on dips for a bounce
Buy above 111.94. Stop loss at 111.60. Take profit at 113.06.
Reason for the trading strategy (technically):
Price had dropped perfectly towards our profit target. We look to close off our position in profit and buy on dips above 111.94 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a bounce up to at least 113.06 resistance (Fibonacci extension, horizontal swing high resistance, Fibonacci retracement) once again.
Stochastic (21,3,1) is bouncing nicely off our 6.2% support with good upside potential.
Reason for the trading strategy (technically):
Price had dropped perfectly towards our profit target. We look to close off our position in profit and buy on dips above 111.94 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a bounce up to at least 113.06 resistance (Fibonacci extension, horizontal swing high resistance, Fibonacci retracement) once again.
Stochastic (21,3,1) is bouncing nicely off our 6.2% support with good upside potential.