USD/JPY remain bullish right above major support

The price continues to test our major level of support. We remain bullish looking to buy above major support of 108.66 (Fibonacci extension, horizontal swing low support, bullish price action) for a push up to at least 109.80 resistance (Fibonacci retracement, horizontal overlap resistance). It is important to be wary of the descending resistance as price approaches it.

Stochastic (21,5,3) is approaching major support at 2.3%.

Buy above 108.66. Stop loss is at 108.28. Take profit is at 109.80


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