USDJPY look to buy on dips for a further push up
Buy above 111.71. Stop loss at 110.97. Take profit at 113.41.
Reason for the trading strategy (technically):
Price has continued to rise strongly and we look to buy on dips above 111.71 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.41 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
RSI (34) sees support above 50% where we expect further bullish momentum from.
Reason for the trading strategy (technically):
Price has continued to rise strongly and we look to buy on dips above 111.71 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.41 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
RSI (34) sees support above 50% where we expect further bullish momentum from.