USD/JPY bouncing nicely off support, remain bullish

The price has dropped to our buying area and has started to bounce off as expected. We remain bullish looking to buy on dips above 111.71 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.41 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).

RSI (34) sees support above 50% where we expect further bullish momentum from.

Buy above 111.71. Stop loss is at 110.97. Take profit is at 113.41.


The material has been provided by InstaForex Company -