MEX_Exchange
Long

USDJPY approaching major support, remain bullish

FX:USDJPY   U.S. Dollar / Japanese Yen
Buy above 109.80. Stop loss at 108.67. Take profit at 111.59.
Reason for the trading strategy (technically):
We remain bullish looking to buy on dips above 109.80 support ( Fibonacci extension , Fibonacci retracement , bullish divergence ) for a push up to at least 111.59 resistance ( Fibonacci retracement , horizontal overlap resistance).
RSI (34) sees bullish divergence signalling that a bounce is impending. The previous occurrence of such a bullish divergence led to a huge bullish rally.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on USDJPY             , AUDJPY             and EURJPY             .
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