USD/JPY Approaching Support, Prepare For A Bounce!

USD/JPY is approaching its support at 110.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce to its resistance at 112.18 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).

Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected. Ichimoku cloud is also showing signs of downward pressure.

Buy above 110.59. Stop loss 109.96. Take profit at 112.18.

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