EURJPY bouncing nicely off major support, time to buy
Buy above 132.01. Stop loss at 130.45. Take profit at 134.15.
Reason for the trading strategy (technically):
Price continues to test our buying area. We remain bullish above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a nice bounce above this level to push price up to at least 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is bouncing nicely off our 1% support as expected.
Reason for the trading strategy (technically):
Price continues to test our buying area. We remain bullish above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a nice bounce above this level to push price up to at least 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is bouncing nicely off our 1% support as expected.