theforexarmy
Long

USDJPY profit target reached, prepare to buy again

FX:USDJPY   U.S. Dollar / Japanese Yen
Buy above 112.55. Stop loss at 112.00. Take profit at 114.00.
Reason for the trading strategy (technically):
Price bounced nicely and reached our profit target before retracing strongly. We remain bullish above major support at 112.55 ( Fibonacci projection , multiple horizontal swing low supports) and we expect to see price make a bounce above this level towards 114.00 resistance ( Fibonacci retracement , recent swing high resistance, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely above our 8% support.
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