USD/JPY bouncing nicely above support, remain bullish for a further rise

The price was testing our buying level yesterday. We remain bullish looking to buy above 109.92 support (Fibonacci extension, horizontal swing low support) for a push up to at least 111.00 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (55) sees bullish divergence and also an ascending support line holding it up nicely.

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

Buy above 109.92. Stop loss is at 109.52. Take profit is at 111.00.


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