USD/JPY profit target reached, time to start buying

The price has shot down and reached our profit target perfectly. We look to buy above the major support at 112.13 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least the 113.76 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).

Stochastic (34,5,3,) is seeing major support above 3.7% where we expect a corresponding bounce from it.

Buy above 112.13. Stop loss at 111.34. Take profit at 113.76.

analytics5a4c327958943.png

The material has been provided by InstaForex Company - www.instaforex.com