USDJPY right on major support, remain bullish

FX:USDJPY   U.S. Dollar / Japanese Yen
Buy above 111.11. Stop loss at 109.95. Take profit at 112.53.
Reason for the trading strategy (technically):
Price has started to bounce off our entry level perfectly. We remain bullish looking to buy above major support at 111.11 ( Fibonacci retracement , Fibonacci extension , horizontal overlap support, Elliott wave structure) for a corrective bounce up to at least 112.53 resistance ( Fibonacci retracement , horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from.
Good analys, but did you see the down-trend on the rsi?
I got in this trade. Profits are slowly coming in :)
+1 Reply
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