FX.co ★ USD/JPY Trading Recommendations for 17th June 2016

The price has formed a double bottom pattern with the neckline at the 104.50 level. We look to buy from here to play a rise to the double bottom exit potential of 105.30. Stop loss is close to the previous swing low of 103.75.

The RSI has also crossed back above a previous strong support line showing signs of a potential recovery if it manages to hold above it. 105.30 is also a fibonacci retracement level of the recent move down.

Trading recommendations:

Entry now

Take profit at 105.30

Stop loss at 103.75