USD/JPY Approaching Support, Prepare For Bounce

The USD/JPY pair is approaching its support at 109.16 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 109.66 (61.8% Fibonacci retracement).

Stochastic (55, 5, 3) is nearing its support at 7.6% where a corresponding bounce could occur.

USD/JPY is approaching its support where we expect to see a bounce.

Buy above 109.16. Stop loss at 108.84. Take profit at 109.66.


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