USDJPY Poised For A Bounce, Time To Buy

USDJPY is reversing nicely and looks set for a nice rally.

Buy above 106.35. Stop loss at 105.40. Take profit at 108.45.

Reason for the trading strategy (technically):

Price has risen above our strong overlap support at 106.35 (horizontal overlap support, Fibonacci retracement) and looks poised to make a rally from here towards 108.45 resistance (Fibonacci retracement, horizontal pullback resistance). We can see intermediate resistance at 107.82 (Fibonacci retracement, horizontal swing high resistance) too which we have to be cautious of. RSI (89) sees our ascending support line add to our bullish bias.

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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.