USDJPY bounced perfectly above our buying level as expected and looks poised to rise further in this bullish channel.
Buy above 109.98. Stop loss at 109.61. Take profit at 110.86. Reason for the trading strategy (technically): Price has made a pullback to our buying level and bounced off perfectly as it continues its way towards our profit target. Our major support buying level is at 109.98 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we remain bullish above this level for price to rise to 110.86 resistance (Major 61.8% Fibonacci retracement). RSI (89) has made a pullback to our RSI and bounced off perfectly too.