EURJPY bouncing up nicely from our buying area, remain bullish
Buy above 132.01. Stop loss at 130.45. Take profit at 134.15.
Reason for the trading strategy (technically):
Price is starting to bounce nicely from our buying area. We remain bullish looking to buy above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, bullish divergence) for a push up to 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (55,3,1) is seeing strong support above 2.5% and we’re starting to see a bounce from this level.
Reason for the trading strategy (technically):
Price is starting to bounce nicely from our buying area. We remain bullish looking to buy above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, bullish divergence) for a push up to 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (55,3,1) is seeing strong support above 2.5% and we’re starting to see a bounce from this level.