FX.co ★ USD/JPY bounced up perfectly to profit target, remain bullish for a further rise

The price has bounced up perfectly from our buying area and is fast approaching our first profit target. We remain bullish above 111.38 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 112.90 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).

Stochastic (34,5,3) is bouncing nicely off our 1.2% support as expected.

Buy above 111.38. Stop loss is at 110.64. Take profit is at 112.90.