USDJPY Long Reversal Potential

FX:USDJPY   U.S. Dollar / Japanese Yen
Hi guys its Brian here with an analysis of USDJPY .

USDJPY has been getting hit hard recently so trying to go long can be pretty risky but I do see a potential price area that acts as support. This might be like trying to catch a falling knife so do it with caution and watch for reversal confirmations before entering to play it safe.

I have identified a support level at 104.575 where haves price reversed 3 times in the past (as seen by the green circle/oval) where initially it acted as a resistance but after prices broke through, it acted as support for the next 2 price test.

This support level also happen to be the 0.786 FIB extension level. If going long at the support level then take profit levels can be set in the price range within the blue rectangle where support will have turned into resistance now. Stop loss can be placed slightly below the support level .

Entry: 104.575
Take profit: 106.6 - 108
Stop loss: 103.3
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