USD/JPY Approaching Support, Prepare For A Bounce

USD/JPY is approaching its support at 109.22 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 110.13 (61.8% Fibonacci retracement, horizontal swing high resistance).

Stochastic (55, 5, 3) is also approaching its support at 5.2% where a corresponding bounce is expected.

Buy above 109.22. Stop loss at 108.91. Take profit at 110.13.

analytics5b1decb57c2be.png

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