Buy now and if price drops to 101.80. Take profit at 104.00. Stop loss at 100.55.
Reason for the trading strategy (technically):
Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it’s the 50% Fibonacci retracement and graphical pullback resistance.
RSI displays bullish divergence vs price signalling a bullish recovery.
Stochastics is bouncing above our 5% support signalling a bullish recovery in price.
Reason for the trading strategy (fundamentally):
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing USDJPY to rise.
The key news event for Japan is the Japan Manufacturing PMI. We’re not expecting any further increases meaning we should be bearish on JPY which goes in line with our view that USDJPY is going to rise.
Reason for the trading strategy (technically):
Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it’s the 50% Fibonacci retracement and graphical pullback resistance.
RSI displays bullish divergence vs price signalling a bullish recovery.
Stochastics is bouncing above our 5% support signalling a bullish recovery in price.
Reason for the trading strategy (fundamentally):
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing USDJPY to rise.
The key news event for Japan is the Japan Manufacturing PMI. We’re not expecting any further increases meaning we should be bearish on JPY which goes in line with our view that USDJPY is going to rise.
Exness - USDJPY is bouncing above our channel support
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