FX.co ★ USD/JPY Trading Recommendations for 1st August 2016

We are bullish on USDJPY. Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it's the 50% Fibonacci retracement and graphical pullback resistance.

RSI displays bullish divergence vs price signalling a bullish recovery.

Stochastics is bouncing above our 5% support signalling a bullish recovery in price.

Trading Recommendations :

Buy now and above 101.80

Take profit at 104.00

Stop loss at 100.55