MEX_Exchange
Long

USDJPY rising perfectly, remain bullish for a further rise

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             has shot up perfectly and has surpassed our intermediate resistance, leading to a further rise.

Buy above 106.41. Stop loss at 106.18. Take profit at 107.09.
Reason for the trading strategy (technically):
Price has rose perfectly to our first profit target and has surpassed that level. We are now seeing major support at 106.41 (breakout level, Fibonacci retracement , horizontal overlap support) that should provide the support we need to see price push up to 107.09 resistance ( Fibonacci retracement , horizontal swing high resistance).
RSI (34) has made a nice bearish exit from our long term descending resistance-turned-support line signalling that a rally is expected.
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