WEEKLY: USDJPY Strategic View: Major bullish breakout, time to buyPublished on: 2018-03-12 02:30 GMT
Buy above 106.41. Stop loss at 105.40. Take profit at 108.45.
Reason for the trading strategy:
Price has made a bullish exit of our long term descending resistance-turned-support line triggering a rise from here. We look to buy above major support at 106.41 (Fibonacci retracement, horizontal overlap support, bullish exit) for a push up to 108.45 resistance (fibonacci retracement, horizontal pullback resistance). We do have to be cautious of intermediate resistance at 107.82 (Fibonacci retracement, horizontal swing high resistance).
RSI (55) has made a really nice bullish exit similar to what we have seen on price and look set for a nice bullish rise too.