MtxTrader

USDJPY Bounce off Support Zone

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
If price falls to the support zone at 111.65, I will be looking to buy in this oversold market.

If anyone trades with a Stochastic RSI or just a plain stochastic , they will see that selling when it reaches overbought and price is in a downtrend or ranging, is profitable.

The same goes for buying when the stochastic is oversold and price is up trending or ranging.

I will be looking for bull confluence with bearish exhaustion candles and possibly a bullish engulfing if it forms.