USDJPY profit target reached perfectly, prepare to buy
Buy above 112.71. Stop loss at 112.25. Take profit at 113.36.
Reason for the trading strategy (technically):
Price has dropped perfectly and has reached our profit target perfectly. Now we prepare to buy above major support at 112.71 (Multiple Fibonacci retracement, Fibonacci extension, horizontal breakout pullback support) as we expect to see a nice bounce from this level to push price up to resistance at 113.36 (Fibonacci retracement, horizontal pullback support).
Stochastic ((55,3,1) is seeing nice support above 4.4% where we expect a bounce from.
Reason for the trading strategy (technically):
Price has dropped perfectly and has reached our profit target perfectly. Now we prepare to buy above major support at 112.71 (Multiple Fibonacci retracement, Fibonacci extension, horizontal breakout pullback support) as we expect to see a nice bounce from this level to push price up to resistance at 113.36 (Fibonacci retracement, horizontal pullback support).
Stochastic ((55,3,1) is seeing nice support above 4.4% where we expect a bounce from.