Price has shot up perfectly to our profit target after bouncing above our channel support. We now look to buy on weakness to play the further channel strength on USD/JPY. Our major support buying level is at 109.98 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we look for a bounce above this level for the price to rise to the 110.86 resistance (Major 61.8% Fibonacci retracement).
RSI (89) has made a beautiful bullish exit signalling that further upside momentum is expected.
Buy above 109.98. Stop loss at 109.61. Take profit at 110.86.
