MEX_Exchange

Prices approaching resistance, buy on breakout!

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Price is approaching our major resistance at 107.43 (horizontal overlap resistance, 100% Fibonacci extension) and we prepare to buy if price breaks out above this level. A strong rally might occur, pushing price up to our major resistance at 109.21 (100% Fibonacci extension, 50% Fibonacci retracement, triple bottom exit potential). A breakout of our intermediate resistance level at 108.12 (100% Fibonacci extension, horizontal pullback resistance, 38.2% Fibonacci retracement) might provide the bullish acceleration to our take profit level.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.