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theforexarmy

USDJPY Weekly View: Bouncing nicely, remain bullish

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
theforexarmy  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong USD jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
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5
usdjpy usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong usd jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
Buy above 112.60. Stop loss at 111.35. Take profit at 115.30.
Reason for the trading strategy:
USDJPY has bounced nicely off our support at 111.35 previously. We now remain bullish above 112.60 support (Fibonacci retracement, horizontal overlap support) for a further push up to 115.31 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) is seeing strong support above our 36% level and also displays bullish divergence vs price. A recent bullish exit signals a further acceleration in price upwards.

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