USDJPY tested its major support at 106.64 (61.8% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap support, ascending support line) where we expect to see price pushing up all the way to its resistance at 107.50 (horizontal swing high resistance). We do have to be cautious of its intermediate resistance identified at 107.04 (50% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (21, 5, 3) made a corresponding approach to its support at 9.02%. A bullish divergence with price has also been identified which contributes to our bullish bias.
Damn right it bounced nicely ha! I caught that as I was observing and am now L0NG@106.771 looking to stay in here all week as I see the WKly chart is due f0r@Least a couple m0re green bars ;D
I will be looking f0r an opportunity to scale in(adding positions) my position.
I will be looking f0r an opportunity to scale in(adding positions) my position.