MEX_Exchange
Long

USDJPY profit target reached perfectly once again,prepare to buy

FX:USDJPY   U.S. Dollar / Japanese Yen
Buy above 110.25. Stop loss at 110.03. Take profit at 111.15.
Reason for the trading strategy (technically):
Price has shot down and reached our profit target perfectly. We prepare to buy above major support at 110.25 ( Fibonacci extension , horizontal swing low support) for a push up to at least 111.15 resistance ( Fibonacci retracement , horizontal overlap resistance).
Stochastic (21,5,3) is seeing major support above 4% and we expect a strong bounce above this level.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY , USDJPY and EURJPY . Hence this falls very nicely into a correlated move.
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