EURJPY on strong support, time to play a corrective bounce
Buy above 131.43. Stop loss at 131.02. Take profit at 132.20.
Reason for the trading strategy (technically):
Price is testing strong support at 131.43 (Horizontal swing low support, bullish price action) and we expect to see a corrective bounce pushing price up to at least 132.20 resistance (Fibonacci retracement).
Stochastic (34,5,3) is seeing strong support above 6.6% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price is testing strong support at 131.43 (Horizontal swing low support, bullish price action) and we expect to see a corrective bounce pushing price up to at least 132.20 resistance (Fibonacci retracement).
Stochastic (34,5,3) is seeing strong support above 6.6% where we expect a corresponding bounce from.
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