FX.co ★ USD/JPY finally bouncing off support, time to start buying

The price has finally dropped to our buying level which is major support at 111.77 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) and we expect a bounce above this level 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 111.77. Stop loss is at 110.88. Take profit is at 114.32.