Buy above 124.18. Stop loss at 123.62. Take profit at 125.24.
Reason for the trading strategy (technically):
Price is now testing our major support. We remain bullish looking to buy above major support at 124.18 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from and also sees bullish divergence signalling that a bounce is impending.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Reason for the trading strategy (technically):
Price is now testing our major support. We remain bullish looking to buy above major support at 124.18 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from and also sees bullish divergence signalling that a bounce is impending.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
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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.