FX.co ★ USDJPY testing ascending trendline support. Further bounce incoming!

Price testing and reacting above ascending trendline support. A further push up above 1st support at 108.707 towards 1st resistance at 108.935 could be possible. Technical indicators show room for further upside as well.

Trading Recommendation

Entry: 108.707

Reason for Entry:

76.4% Fibonacci retracement, Ascending trendline support

Take Profit: 108.935

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 108.610

Reason for Stop Loss:

Graphical swing low