USDJPY shooting up nicely, remain bullish for a further rise
Buy above 111.31. Stop loss at 110.45. Take profit at 113.06.
Reason for the trading strategy (technically):
Price has started to shoot up nicely after consolidating for the past few days. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).
RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.
Reason for the trading strategy (technically):
Price has started to shoot up nicely after consolidating for the past few days. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).
RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.