USDJPY profit target reached, prepare to buy again
Buy above 112.55. Stop loss at 112.00. Take profit at 114.00.
Reason for the trading strategy (technically):
Price bounced nicely and reached our profit target before retracing strongly. We remain bullish above major support at 112.55 (Fibonacci projection, multiple horizontal swing low supports) and we expect to see price make a bounce above this level towards 114.00 resistance (Fibonacci retracement, recent swing high resistance, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely above our 8% support.
Reason for the trading strategy (technically):
Price bounced nicely and reached our profit target before retracing strongly. We remain bullish above major support at 112.55 (Fibonacci projection, multiple horizontal swing low supports) and we expect to see price make a bounce above this level towards 114.00 resistance (Fibonacci retracement, recent swing high resistance, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely above our 8% support.
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