EUR/JPY on major support, time to play a corrective bounce

The price has dropped strongly from last week and is now testing major support at 131.77 (Fibonacci extension, horizontal swing low support) and we expect to see a strong corrective bounce above this level to push the price up to at least 132.46 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,3,1) is seeing strong support above 2.1% where we expect a bounce from.

Buy above 131.77. Stop loss is at 131.52. Take profit is at 132.46.

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