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MEX_Exchange

USDJPY Bounced Nicely Off Its Support, Prepare For A Rise

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MEX_Exchange  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpylong usdjpyshort Forex Bitcoin (Cryptocurrency) forexsignals
15
0
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpylong usdjpyshort forex bitcoin forexsignals
Buy above 106.64. Stop loss at 106.13. Take profit at 107.50.
Reason for the trading strategy (technically):
USDJPY tested its support and bounced off it at 106.64 (61.8% Fibonacci extension, 50% Fibonacci retracement, 60% Fibonacci retracement, horizontal overlap support) where we expect it to rise to its resistance at 107.50 (61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (21, 5, 3) made a corresponding bounce off its support where we expect to see it rise.
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