Buy above 86.79. Stop loss at 86.49. Take profit at 87.36.
Reason for the trading strategy (technically):
Price has formed a cup and handle reversal pattern signalling that we’ll be seeing a strong bounce from here. We look to buy above 86.79 support (Fibonacci retracement, horizontal pullback support) for a push up to at least 87.36 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely off our 3.7% level with good upside potential.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on AUDJPY and USDJPY.
Reason for the trading strategy (technically):
Price has formed a cup and handle reversal pattern signalling that we’ll be seeing a strong bounce from here. We look to buy above 86.79 support (Fibonacci retracement, horizontal pullback support) for a push up to at least 87.36 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely off our 3.7% level with good upside potential.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on AUDJPY and USDJPY.
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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.
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.