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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.