We are bullish on USDJPY. Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it's the 50% Fibonacci retracement and graphical pullback resistance.
RSI displays bullish divergence vs price signalling a bullish recovery.
Stochastics is bouncing above our 5% support signalling a bullish recovery in price.
Trading Recommendations :
Buy now and above 101.80
Take profit at 104.00
Stop loss at 100.55
The material has been provided by InstaForex Company - www.instaforex.com