FX.co ★ USD/JPY approaching profit target, prepare to buy

The price has dropped nicely from our selling area and is fast approaching our profit target. Due to the changing elements, we close out our current positions and prepare to turn bullish looking to buy on dips above 109.80 support (Fibonacci extension, Fibonacci retracement, bullish divergence) for a push up to at least 111.59 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) sees bullish divergence signaling that a bounce is impending. The previous occurrence of such a bullish divergence led to a huge bullish rally.

Buy above 109.80. Stop loss is at 108.67. Take profit is at 111.59.