FX.co ★ USDJPY approaching ascending trendline support, potential for bounce

USDJPY holding above ascending trendline support. A short term intraday bounce above 76.4% Fibonacci retracement and 1st support at 110.071 towards recent graphical swing high and 1st resistance at 110.485 could be possible. Stochastic is reacting above support where price bounced in the past.

Trading Recommendation

Entry: 110.071

Reason for Entry:

76.4% Fibonacci retracement, ascending trendline support

Take Profit: 110.485

Reason for Take Profit:

61.8% Fibonacci retracement, Graphical swing high resistance

Stop Loss: 109.805

Reason for Stop Loss:

-27.2% Fibonacci retracement, Graphical swing low support