FX.co ★ USDJPY testing major support, turn bullish for a small correction

The price is testing major support at 111.40 (Fibonacci retracement, Fibonacci extension, horizontal support) where we expect a bounce up to at least the 112.92 resistance (Fibonacci retracement, horizontal overlap resistance).

The RSI (34) sees a bullish exit and bullish divergence vs the price signalling that a bounce is impending.

Buy above 111.40. Stop loss at 110.22. Take profit at 112.92.