EURJPY Approaching Support, Prepare For A Bounce!
Buy above 129.60.
Stop loss at 128.54.
Take profit at 131.12.
Reason for the trading strategy (technically):
EURJPY is approaching its support at 129.60 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where a bounce is expected, causing price to rise to its resistance at 131.12 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
Stop loss at 128.54.
Take profit at 131.12.
Reason for the trading strategy (technically):
EURJPY is approaching its support at 129.60 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where a bounce is expected, causing price to rise to its resistance at 131.12 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.