USDJPY Rose Perfectly To Our Profit Target, Remain Bullish
USDJPY bounced off our channel support perfectly and reached our profit target. Look to buy on weakness.
Buy above 109.98. Stop loss at 109.61. Take profit at 110.86.
Reason for the trading strategy (technically):
Price has shot up perfectly to our profit target after bouncing above our channel support. We now look to buy on weakness to play the further channel strength on USDJPY. Our major support buying level is at 109.98 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we look for the bounce above this level for price to rise to 110.86 resistance (Major 61.8% Fibonacci retracement).
RSI (89) has made a beautiful bullish exit signalling that further upside momentum is expected.
Buy above 109.98. Stop loss at 109.61. Take profit at 110.86.
Reason for the trading strategy (technically):
Price has shot up perfectly to our profit target after bouncing above our channel support. We now look to buy on weakness to play the further channel strength on USDJPY. Our major support buying level is at 109.98 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we look for the bounce above this level for price to rise to 110.86 resistance (Major 61.8% Fibonacci retracement).
RSI (89) has made a beautiful bullish exit signalling that further upside momentum is expected.