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MEX_Exchange

EURJPY on strong support, prepare for a bounce

Long
Euro / Japanese Yen (FX:EURJPY)  
MEX_Exchange  
FX:EURJPY   Euro / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns EURJPY EUR jpy eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpyforecast forexsignals
31
0
trendanalysis harmonicpatterns chartpattern eurjpy eur jpy eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpyforecast forexsignals
Buy above 131.80. Stop loss at 131.12. Take profit at 133.31.
Reason for the trading strategy (technically):
Price is now testing major support at 131.80 (Bullish harmonic pattern, horizontal swing low support, bullish price action) and a strong bounce could occur at this level to push price up towards 133.31 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 6.7% where a corresponding bounce could occur.
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