Buy above 109.27. Stop loss at 110.28. Take profit at 108.71.
Reason for the trading strategy (technically):
Price has dropped strongly and has reached a major support level at 109.27 (Fibonacci retracement, Fibonacci extension, price gap) and we expect a correction above this level to at least 110.28 resistance (Fiboancci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 4.1% where we expect a strong bounce from.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Reason for the trading strategy (technically):
Price has dropped strongly and has reached a major support level at 109.27 (Fibonacci retracement, Fibonacci extension, price gap) and we expect a correction above this level to at least 110.28 resistance (Fiboancci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 4.1% where we expect a strong bounce from.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, 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.