USDJPY Approaching Support, Prepare For A Bounce!
Buy above 110.15.
Stop loss at 109.43.
Take profit at 111.39.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.15(61.8% & 100%Fibonacci extension, 78.6%, 38.2% & 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 111.39 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
Stop loss at 109.43.
Take profit at 111.39.
Reason for the trading strategy (technically):
USDJPY is approaching its support at 110.15(61.8% & 100%Fibonacci extension, 78.6%, 38.2% & 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 111.39 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.