FX.co ★ USDJPY reacting above ascending trendline support! Bounce incoming!

USDJPY tested and reacted above ascending trendline support. A short term bounce above our 1st support at 109.318 towards 1st resistance at 109.649 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 109.318

Reason for Entry:

78.6% Fibonacci retracement, ascending trendline support

Take Profit: 109.649

Reason for Take Profit:

76.4% Fibonacci retracement

Stop Loss: 109.191

Reason for Stop Loss:

Graphical swing low support