FX.co ★ USD/JPY on major support, prepare for a bounce

The price has dropped strongly and is now testing major support at 111.37 (Fibonacci extension, horizontal swing low support, bullish bat harmonic formation) and we expect to see a strong bounce above this level to push the price up to at least 112.13 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension).

Stochastic (55,5,3) is seeing major support above 7.7% where we expect a corresponding bounce from.

Buy above 111.37. Stop loss is at 110.80. Take profit is at 112.13.