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MEX_Exchange

USDJPY testing major support, remain bullish for a push up

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MEX_Exchange  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily Forex forextrading
2
0
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily forex forextrading
Buy above 108.85. Stop loss at 108.28. Take profit at 110.28.
Reason for the trading strategy (technically):
Price is once again testing our major level of support at 108.85. Our plan is to buy above this major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least 110.28 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing off nicely from our 2.3% support with good upside potential.
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