USDJPY bouncing with a bullish exit triggering further strength
Buy above 111.11. Stop loss at 109.95. Take profit at 112.53.
Reason for the trading strategy (technically):
Price is finally starting to bounce up nicely and a bullish exit has triggered further strength for a push up. We remain bullish looking to buy above major support at 111.11 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure, bullish divergence) for a corrective bounce up to at least 112.53 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from. We can also see bullish divergence signalling that a strong reversal is impending. A recent bullish exit from our long term descending resistance-turned-support line also adds further strength to our move.
Correlation analysis: We’re expecting JPY weakness with AUDJPY expecting a bounce too.
Reason for the trading strategy (technically):
Price is finally starting to bounce up nicely and a bullish exit has triggered further strength for a push up. We remain bullish looking to buy above major support at 111.11 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure, bullish divergence) for a corrective bounce up to at least 112.53 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from. We can also see bullish divergence signalling that a strong reversal is impending. A recent bullish exit from our long term descending resistance-turned-support line also adds further strength to our move.
Correlation analysis: We’re expecting JPY weakness with AUDJPY expecting a bounce too.
Dagangan ditutup: sasaran tercapai
Whoo! More pips in our pockets!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.