FX.co ★ USD/JPY bouncing up nicely as expected, remain bullish

The price has started to bounce nicely off our support at 111.71 (Fibonacci retracement, horizontal overlap support) and we expect a further rise from this level to at least major resistance at 113.41 (Fibonacci retracement, Fibonacci extension).

RSI (55) is seeing support above 50% and as long as it remains above that line, we remain bullish.

Buy above 111.71. Stop loss is at 110.97. Take profit is at 113.41.