USDJPY: Trend line and retracement level suggests a long trade.

FX:USDJPY   U.S. Dollar / Japanese Yen
I predict that the price will reverse its direction at the 0.618 Fibonacci retracement level. The trend line acts as a pivot point for trend reversal. Therefore, my prediction is further suggested by the fact that the price just recently tested this trend line . The DMI also shows an expansion which suggests that a new trend might form. Furthermore, the Relative Strength Index shows us that the market was oversold right when the price touched the trend line .

As a result of this, I predict that a long trade would be the best option for now with a Take Profit which could be in between 124.496 and 124.562. In case my prediction turns out to be incorrect, a stop loss below the trend line and the 0.764 Fibonacci retracement level would be a suitable choice as it is clear that the price may test as low 124.172 and still reverse direction.

Stop Loss: 124.155
Take Profit: 124.496 (or between 124.457 and 124.562)
Risk/Reward Ratio: 2.63 (or 3.33, depending on Take Profit placement)
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