USDJPY rising perfectly, remain bullish for a further rise

USDJPY has shot up perfectly and has surpassed our intermediate resistance, leading to a further rise.

Buy above 106.41. Stop loss at 106.18. Take profit at 107.09.

Reason for the trading strategy (technically):

Price has rose perfectly to our first profit target and has surpassed that level. We are now seeing major support at 106.41 (breakout level, Fibonacci retracement, horizontal overlap support) that should provide the support we need to see price push up to 107.09 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (34) has made a nice bearish exit from our long term descending resistance-turned-support line signalling that a rally is expected.

Put your trading knowledge into action. Create a trading account now.

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.

Disclaimer: The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics.