Buy above 113.00. Stop loss 112.20. Take profit 114.75.
Reason for the trading strategy :
Since yesterday, price continues to hold above our channel support where we expect a strong bounce from.
Price is also on a key Fibonacci projection level (as seen with the brown arrows). This signals a bullish recovery to at least the 114.75 level which is a strong graphical resistance level and Fibonacci retracement level.
Stochastics (21,5,3) is also turning up from 8% level signalling a bullish move. It also displays bullish divergence vs price.
Reason for the trading strategy :
Since yesterday, price continues to hold above our channel support where we expect a strong bounce from.
Price is also on a key Fibonacci projection level (as seen with the brown arrows). This signals a bullish recovery to at least the 114.75 level which is a strong graphical resistance level and Fibonacci retracement level.
Stochastics (21,5,3) is also turning up from 8% level signalling a bullish move. It also displays bullish divergence vs price.
Exness - EURJPY continues to bounce off channel support
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