USDJPY approaching major support, prepare to buy
Buy above 111.90. Stop loss at 110.88. Take profit at 114.32.
Reason for the trading strategy (technically):
We remain bullish preparing to buy above major support at 111.90 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.
Reason for the trading strategy (technically):
We remain bullish preparing to buy above major support at 111.90 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.