Buy above 84.57. Stop loss at 83.63. Take profit at 86.67.
Reason for the trading strategy (technically):
Price is still testing major support at 84.57 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level to push price up to at least 86.67 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing strong support above 6.1% where we expect a corresponding bounce from.
Correlation analysis: We’re expecting JPY weakness with USDJPY expecting a bounce too.
Reason for the trading strategy (technically):
Price is still testing major support at 84.57 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level to push price up to at least 86.67 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing strong support above 6.1% where we expect a corresponding bounce from.
Correlation analysis: We’re expecting JPY weakness with USDJPY expecting a bounce too.
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