Bullish clues:
- Price rebound on the bottom of the Andrews' Pitchfork, corresponding to a daily bullish oblique support
- Price broke upward the 50% Fibonacci retracement level
- Price broke upward the 100 exponential moving average
- Lagging Span of Ichimoku indicator broke upward the upper band of Bollinger Bands
- Ascending triangle
USD/JPY could first reach the resistance level at 109.700, which also corresponds to the 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level. Next, if the price confirm the ascening triangle, the second target is at 111.000, which is a psychological level, the last higher level, close to the middle of the Andrews' Pitchfork and the 161.8% Fibonacci extension level. The third target is the daily resistance at 112.225, which also corresponds to the 261.8% Fibonacci extension level.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Price rebound on the bottom of the Andrews' Pitchfork, corresponding to a daily bullish oblique support
- Price broke upward the 50% Fibonacci retracement level
- Price broke upward the 100 exponential moving average
- Lagging Span of Ichimoku indicator broke upward the upper band of Bollinger Bands
- Ascending triangle
USD/JPY could first reach the resistance level at 109.700, which also corresponds to the 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level. Next, if the price confirm the ascening triangle, the second target is at 111.000, which is a psychological level, the last higher level, close to the middle of the Andrews' Pitchfork and the 161.8% Fibonacci extension level. The third target is the daily resistance at 112.225, which also corresponds to the 261.8% Fibonacci extension level.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: target reached:
First target at 109.700 reached. Wait and see for the next moves.