Buy above 112.60. Stop loss at 111.35. Take profit at 115.30.
Reason for the trading strategy:
USDJPY has bounced nicely off our support at 111.35 previously. We now remain bullish above 112.60 support (Fibonacci retracement, horizontal overlap support) for a further push up to 115.31 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) is seeing strong support above our 36% level and also displays bullish divergence vs price. A recent bullish exit signals a further acceleration in price upwards.
Reason for the trading strategy:
USDJPY has bounced nicely off our support at 111.35 previously. We now remain bullish above 112.60 support (Fibonacci retracement, horizontal overlap support) for a further push up to 115.31 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) is seeing strong support above our 36% level and also displays bullish divergence vs price. A recent bullish exit signals a further acceleration in price upwards.
