USDJPY bouncing nicely as expected, remain bullish for a further
Buy above 110.88. Stop loss at 109.97. Take profit at 112.42.
Reason for the trading strategy (technically):
Price has dropped further to our buying area and has now started bouncing off our key support area. The plan is to remain bullish above key support level at 110.88 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level for a short term correction to at least 112.42 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected
Reason for the trading strategy (technically):
Price has dropped further to our buying area and has now started bouncing off our key support area. The plan is to remain bullish above key support level at 110.88 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level for a short term correction to at least 112.42 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected