USDJPY Is Being Held Up By Ascending Support Line
Buy above 107.367. Stop loss at 107.134. Take profit at 107.764.
Reason for the trading strategy (technically):
USDJPY tested its ascending support line where it is rising strongly. We look to buy on weakness at 107.367 (horizontal overlap support) where we expect prises to rise to its resistance at 107.764 (61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its intermediate resistance at 20.5% where it still has a lot of upside potential.
Reason for the trading strategy (technically):
USDJPY tested its ascending support line where it is rising strongly. We look to buy on weakness at 107.367 (horizontal overlap support) where we expect prises to rise to its resistance at 107.764 (61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its intermediate resistance at 20.5% where it still has a lot of upside potential.
Trade closed: target reached:
Rose perfectly to our profit target! nice!