EURJPY Bounced Off Support, Prepare For Further Rise!
Buy above 126.86.
Stop loss at 125.90.
Take profit at 128.48.
Reason for the trading strategy (technically):
EURJPY bounced nicely off its support at 126.86 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect price to rise to its resistance at 128.48 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its support at 2.8% where a corresponding rise is expected.
Stop loss at 125.90.
Take profit at 128.48.
Reason for the trading strategy (technically):
EURJPY bounced nicely off its support at 126.86 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect price to rise to its resistance at 128.48 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its support at 2.8% where a corresponding rise is expected.