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MEX_Exchange

USDJPY bounced up perfectly to profit target, remain bullish

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MEX_Exchange  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpylongsetup usdjpybuy Forex forextrading
2
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trendanalysis harmonicpatterns chartpattern usdjpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpylongsetup usdjpybuy forex forextrading
Buy above 111.38. Stop loss at 110.64. Take profit at 112.90.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and is fast approaching our first profit target. We remain bullish above 111.38 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 112.90 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected
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