USD/JPY profit target reached perfectly, prepare to buy again

Price has bounced off our support at 108.85 previously to reach our profit target. Now, it has come to test this major level of support once again. Our plan is to buy above 108.85 support (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 bouncing off nicely from our 2.3% support with good upside potential.

Buy above 108.85. Set stop loss at 108.28 and take profit at 110.28.


The material has been provided by InstaForex Company -