Forex Trading News & Analysis

USD/JPY right on major support, remain bullish

The price continues to test our major buying support level. We remain bullish looking to buy above major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least 110.28 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is approaching our 2.3% support level where we expect a bounce from.

Buy above 108.85. Stop loss is at 108.28. Take profit is at 110.28.

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