USDJPY bouncing nicely above support, remain bullish
Buy above 108.04. Stop loss at 107.81. Take profit at 109.38.
Reason for the trading strategy (technically):
Price has started to bounce up nicely from our major support level at 108.04 (Fibonacci extension, horizontal swing low support, channel support). We expect a strong bounce from this level to push price up to at least 109.38 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 3.4% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has started to bounce up nicely from our major support level at 108.04 (Fibonacci extension, horizontal swing low support, channel support). We expect a strong bounce from this level to push price up to at least 109.38 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 3.4% where we expect a corresponding bounce from.