USDJPY Approaching Support, Prepare For A Bounce!
Buy above 110.70.
Stop loss at 109.59.
Take profit at 112.18.\u2028Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.70 (61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where we expect price to bounce to its resistance at 112.18 horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching it support at 7.9% where a corresponding bounce could occur.
Stop loss at 109.59.
Take profit at 112.18.\u2028Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.70 (61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where we expect price to bounce to its resistance at 112.18 horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching it support at 7.9% where a corresponding bounce could occur.