USD/JPY bullish for a short term recovery

We are seeing USDJPY for a nice reversal pattern and look to buy above 107.13 support (horizontal overlap support, bullish divergence) for a bounce up to at least 107.95 resistance (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is bouncing up nicely and also sees bullish divergence vs price, signaling that a recovery is impending.

Buy above 107.13. Stop loss at 106.68. Take profit at 107.95.


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