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theforexarmy

EURJPY bouncing nicely, remain bullish

Long
Euro / Japanese Yen (FX:EURJPY)  
theforexarmy  
FX:EURJPY   Euro / Japanese Yen
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4
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Buy above 118.70. Stop loss at 117.47. Take profit at 120.66.
Reason for the trading strategy (technically):
Price has bounced off nicely at 118.70 support (Fibonacci retracement, horizontal support, Fibonacci extension). We look to buy above this level to play a push up to at least 120.66 (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 6.4% level.
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