Buy now and if price drops to 101.80. Take profit at 104.00. Stop loss at 100.55.
Reason for the trading strategy :
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 are the USD Spending reports and Personal Consumption Expenditure reports. A high reading is bullish for USD and a low reading is bearish. Our recent trend since 2015 June has been seeing a steady rise meaning we can expect USD to be bullish, hence that goes in line with our view on USDJPY being bullish.
Reason for the trading strategy :
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 are the USD Spending reports and Personal Consumption Expenditure reports. A high reading is bullish for USD and a low reading is bearish. Our recent trend since 2015 June has been seeing a steady rise meaning we can expect USD to be bullish, hence that goes in line with our view on USDJPY being bullish.
Exness - USDJPY is bouncing above our channel support
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