EUR/JPY bouncing perfectly towards profit target, remain bullish for a further rise

The price has bounced up perfectly from our buying level yesterday. We remain bullish today looking to protect our profits by shifting stop loss to breakeven at 130.17. The plan is to continue to buy on dips above 130.46 support (Fibonacci retracement, horizontal overlap support) for a further push up to 131.03 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is seeing intermediate support at 42% signaling that a further rise is expected.

Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EUR/JPY, AUD/JPY, and USD/JPY.

Buy above 130.46. Stop loss is at 130.17. Take profit is at 131.03.


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