FX.co ★ USD/JPY approaching major support, prepare to buy

We remain bullish preparing to buy above major support at 111.90 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we're expecting at price.

Buy above 111.90. Stop loss is at 110.88. Take profit is at 114.32.